COVID-19 is still creating a lot of uncertainty—which has many homeowners wondering whether now is a good time to sell their home.
Well, as it turns out, now isn’t just a good time to sell your home—it’s one of the best markets to sell your home in years. “We are witnessing a true V-shaped sales recovery as home buyers continue their strong return to the housing market,” says NAR Chief Economist Lawrence Yun. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”
A recent article from realtor.com outlined the top reasons why now is the perfect time to sell your home, including:
- Demand is high and inventory is low. After months of being stuck at home due to COVID-19, buyers are emerging ready to make a purchase—but there just aren’t enough homes to keep up with demand. According to realtor.com’s market outlook, housing inventory was down 27 percent year-over-year in June. Fewer homes mean more buyer demand—and higher prices for sellers.
- Mortgage interest rates are low. Mortgage interest rates are at an all time low; according to data from Freddie Mac, on August 6, average interest rates hit 2.88 percent for a 30-year fixed rate mortgage. Buyers are scrambling to lock in those low interest rates (and save big money in the process)—making it an ideal time for sellers.
- The economy is showing signs of recovery. There’s no denying that COVID-19 initially sent shock waves through the economy. But unemployment is starting to trend downward, meaning more people are getting back to work—and more people may be in the economic position to purchase a home. “Data from May and June suggests that businesses are adding back jobs as consumers get back to spending, and some companies are now scrambling to keep up demand,” realtor.com’s chief economist Danielle Hale said in the article. “Some speculated that we’d see a sharp bounce back in activity, and I think it’s fair to say that’s what we’re seeing so far.”
If you’ve been thinking about selling your home and have a million question, don’t be shy…I’ve heard them all!
We’re experiencing one of the strongest seller’s markets in recent history. “If 20 percent more homes were on the market, we would have 20 percent more sales, because demand is that high,” says Yun. So if you have been thinking about making a move for a while and want to go for it, it just might be the perfect time to sell your home. Contact your favorite agent today!