After all that has gone down with COVID-19 and the stay at home order people are wondering when a good time would be to list their home. Over the past few weeks on our Podcast and Blog we have gone over ways to improve your home and get it ready to sell. Today we are here to tell you that there has been no better time to sell than now. Why is this you ask? It is because we have an excited market that is going to make selling your home for the most money a possibility. Here are three factors that are making the market a perfect place for home sellers right now.
Growing up most all of us learned about supply and demand while in high school. We learned that when something is in high demand with little availability it sells for the most money. Currently the housing market is being starved of inventory and the biggest complaint coming from agents is the lack of homes for their buyers to look at. This means if you list your home now you will have all the attention and little competition leading to more chances of multiple offers, bidding wars, and getting over asking price on the sale.
Back to Work
Now that people are going back to work in the same market, I just mentioned that has a lack of inventory now has even more buyers. Lots of buyers had to sit on the sidelines while they were furloughed to wait and get their job back so the bank would reissue them a new pre-approval. Now that people are back to work this week it is meaning more buyers are going to be out there. It also means any deals that were on hold with a furloughed buyer now are going to close. These sales come from early 2020 and late 2019 which means they are high priced sales that are going to make new high value comps which will solidify the price that you can ask for your home. This heightened competition and better comps are great news for sellers.
Forever people have held onto their home to sell and waited till spring market to sell because that is when the market is the busiest. With all that has happened this spring the spring market has not had the massive amounts of new listings that we need to stabilize prices. This means that prices are still rising and rather quickly. One thing that this could mean is more houses are coming on soon or as the phases of the state roll out. If all those extra homes who did not list yet come on the market before you list it could mean more supply and prices could slow down climbing. Selling while you can have all eyes on your property will help you get the most money and best terms possible for your home.
While these three factors are great reasons to sell now, they are not the only reasons. The real estate market is a dynamic place so make sure to keep up with what is going on with it. If you want more great info on buying, selling, or owning a home make sure to check out our Podcast, Blog, and Facebook group named “Homeownership. If you have any questions or comments make sure to put them in the comments section below.