Good Time to Sell?
Have you been curious about the Real Estate Market as we head into this Post Pandemic era? Is it a good time to Sell? As a real estate consumer, you need to know that the housing market is one of the bright spots in the U.S. economy. Surprised? You’re not alone. The processes may have changed a bit and some lenders may have changed their lending standards, but overall the real estate market today looks very much like the pre-pandemic market.
While in March and April, home sales plummeted, the market is anything but slow right now. In fact I had buyers involved in a bidding war in May, and they won utilizing the tips in this video which you’ll want to watch if you’re out in the market looking to buy.
According to Diana Olick at https://www.cnbc.com , “More than 41% of homes faced a bidding war in the 4 weeks ending May 10th. For comparison, only 9% of homes for sale experienced bidding wars in January, Pre-U.S. Pandemic.
- Inventory Shortage
The inventory of overall homes for sale is well below the demand from potential buyers. We’ve had pent up buyer demand since the Fall of 2019. So, many eyeballs on the computer may be searching for a home like yours. According to the National Association of Realtors, NAR, total housing inventory, meaning homes available to purchase is down 19.7% from one year ago. (Graph)
There just aren’t enough homes for the number of buyers looking.
2. Home Prices
Home prices have remained steady. The lack of inventory is keeping home prices from depreciating in value. Selling your home while prices are holding steady, is a sound business move. In addition, multiple offer situations often increase the sales price.
3. Unemployment report
Most experts predicted the unemployment rate would jump to around 20% from the 14.7% rate announced last month. However, the experts were shocked. According to the Wall Street, the May U.S. jobless rate fell to 13.3% and employers added 2.5 million jobs blowing Wall Streets expectations out of the water. Economists had forecast a loss of 8.3 million jobs and a 19.5% unemployment rate. The May gain was by far the biggest one month surge in U.S. history since at least 1939!
This is important to you as a seller, as more buyers head back into the work force, they are now once again qualified for buy a home. If you’re thinking about selling your home, you’ll want to check out this video on what buyers want Post Pandemic.
My clients who listed their home for sale and had an offer in less than a week on the market followed many of my home prep recommendations. They had 7 showings and 2 offers in 5 days!
If you delayed putting your home on the market in the Spring because of the Pandemic. I encourage you to reach out to me and let’s discuss how to get you top dollar for your home. The scene is perfect for a Home seller, low inventory, low interest rates and pent up buyer demand.
