During these uncertain times, a lot of people who were thinking of selling a home have wondered whether they should move forward or sit tight until things return to “normal.” While selling your home during a pandemic is an understandable concern, you may be surprised to hear that for most people, now is actually a great time to sell.
Here are just a few reasons why.
Strong buyer demand
As stay-at-home orders have started lifting across the country, there is a lot of pent-up buyer demand. In fact, REALTOR® Carol Hazel Perry, broker/owner of Carol Hazel Real Estate, says today’s buyers may be more driven than ever because of near-historically low mortgage rates.
“If your home is in great condition, in a desirable location, and priced right, it will sell quickly,” she said. “There are a lot of buyers who were ready before the pandemic hit, and they’ve been waiting to get back out. The problem is there isn’t enough available inventory for the number of buyers we have.”
Less competition
Sellers have had the advantage for quite some time, and because many homeowners have chosen to hold off or even pull their listings, there are even fewer homes on the market today. According to the National Association of REALTORS® (NAR), home inventory nationally fell 18.8 percent compared with May 2019. That low inventory coupled with high buyer demand means that sellers have less competition and even more leverage.
Steady prices
Tight supply has kept pressure on home prices. NAR reports that the median price of an existing home sold in May was $284,600. That’s an increase of 2.3 percent compared with May 2019, but the smallest annual increase since February 2012, when the market had begun to recover from the recession.
“You can still get a great price for your home, and because of increased buyer competition, we are still seeing multiple offer situations and some homes going for over list price,” said Perry.
Opportunities to move up
Recent shelter-in-place orders and the increase in people working from home has made some homeowners wonder if they need a larger place or a more functional layout. Maybe they could use an extra room for a home office, a second living space to get some separation from the kids, or maybe a larger kitchen. Whatever the reason, now may be the right time to sell, take advantage of low rates, and move up to a home that is better suited to your needs and lifestyle.
Of course, being in the buyer’s shoes you will have to deal with the problems of low inventory and stiff competition. That’s why it’s important to seek guidance from a local, experienced REALTOR® who can help guide you through today’s unique market.
“Navigating a real estate transaction can be stressful during ‘normal’ times, but COVID-19 has added an extra layer of complexity to the process,” said Perry. “It’s still a great time to sell, but you need someone on your side who is up-to-date on the current market and is looking out for your best interests.”
Perry also says that while lockdown restrictions have lifted, safety is still top-of-mind for everyone.
“Buying and selling a home in today’s environment definitely looks different than it did this time last year, but REALTORS®, buyers, and sellers are working together and taking the proper precautions to keep everyone as safe as possible, and keep transactions moving forward,” she said.
For a list of reputable, local service providers, including lenders and REALTORS®, visit the Greater Lansing Association of REALTORS® website at https://ift.tt/2pNzptA.
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July 08, 2020 at 04:41AM
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Selling During COVID-19: Is Now Really a Good Time to List My Home? - Lansing State Journal
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