Between the continued threat of COVID-19, a wavering economy, and layoffs happening left and right, you may be thinking about holding off on selling your home.
Think again! Real Estate experts say this summer could be one of the best times to sell a home in years. Read further to find out why.
Demand is back and HOT
During the pandemic, home selling went under the radar for a while. But now that restrictions are easing up, homebuyers are out with a vengeance.
According to the National Association of Realtors®, NAR, Pending Home Sales Index, the market is showing signs of a strong rebound.
Buyers are outnumbering sellers which means it’s better to be a seller in this current market.
Inventory remains low
Although the demand for homes is significantly high, the number of homes for sale is at an all-time low.
Lawrence Yun, the chief economist of the NAR says that inventory is low because people are living in their homes longer than they used to.
In fact, studies show that Americans are spending an average of 13 years in their home before moving.
Different government stimulus support such as mortgage forbearance and unemployment benefits have resulted in fewer foreclosures on the market.
Prices are up
With demand high and inventory low, sellers are in the perfect condition to get top dollar on their homes.
Most have expected the housing market to crash following the pandemic. However, this is far from the reality of it.
Sellers can expect home asking price growth to increase even more than it already has.
Interest rates are low
Another factor pushing buyers to house hunt is the historically low mortgage interest rates.
The average interest rate reached a new record low of 3.07% for a 30-year fixed-rate mortgage.
This means buyers can save potentially tens of thousands of dollars over the lifetime of the loan.
The economy is on the verge of recovery
The economy has taken a hit over the last year. With unemployment rates starting the fall, it could be a sign that people are still eager and ready to buy a home.
Businesses are opening more and more job positions and consumers are starting to get back to work.
This means they’re ready to start spending and picking up where they left off before the pandemic.
Buyers’ needs have changed
Aside from working from home, people have been spending more time at home than before.
Which has sparked a new group of homebuyers whose current homes are no longer deemed fit to their current lifestyle.
Home offices, more privacy, outdoor spaces, and just more room, in general, are becoming more important to homeowners.
Forget the short commute. Buyers are wanting a space where they can work from home in peace.
Sell your home today
Along with understanding the market conditions, you might want to understand the home selling process as it is today.
The time it takes to sell a house is shrinking so talk to a Real Estate agent today to determine if now is the time to sell.
