2020 has been an interesting year to say the least. It seems like things are changing each month and times are becoming more and more uncertain. Everyday presents something new and different.
One thing that has remained the same so far though, is the real estate market. Throughout the pandemic, the real estate market has remained pretty consistent. In fact, now is actually a great time to sell your home. Buyers are still out looking for properties to purchase. Interest rates and home inventory is low and competition is fierce.
As real estate agents, we’re still seeing a pretty flourishing market. Homes are coming up for sale, going under contract and closing just as they were last year at this time. We’ve been able to avoid a major market adjustment. So if you’re on the fence about selling your home right now, consider the following...
There are still more buyers than there are sellers right now. Selling your home now puts your home in high demand. Assuming your home is in good condition and priced right, you should have multiple buyers coming through your home hoping it’s what they’ve been looking for. In most areas, homes are selling within days of being on the market and getting multiple offers. Getting multiple offers drives the value of your home up and puts you in a position to dictate most of the terms during negotiations.
Low Interest Rates
The reason there seems to be so many buyers out looking right now is because buyers are qualifying for and getting great interest rates on their mortgage. That helps them manage their monthly payments and increase their purchasing power. Buyers want to take advantage of that and begin building equity instead of renting. Most mortgage payments are cheaper than rent payments at this point.
This is also a time for you to be advantageous. If you’re going to be purchasing another property when you sell your current home, you want to be in the best position for that too. Maximizing the profit from the sale of your home through high demand and multiple offers along with maximizing your purchasing power through low interest rates puts you in an excellent position to make the most out of the sale of your home.
Serious Inquiries Only
People who are out and about during a pandemic are serious buyers. There aren’t many folks willing to violate stay at home orders to go house shopping for homes they can’t buy. When you put your home on the market, you won’t be flooded with looky loos and tire kickers which means less time cleaning and keeping your home show ready.
Instead, the people coming to view your homes are prequalified, ready and able to purchase your home.
I know there seems to be a lot of uncertainty right now. The coronavirus doesn’t seem to be going anywhere and the election is right around the corner but I’m telling clients to move forward with their real estate plans.
If you were planning on selling your home, now is still a great time to do it. It only takes one buyer.