If you’ve been thinking of selling your home, you can be forgiven for having your doubts.
With job market fluctuations, a teetering economy, an ongoing pandemic, and social distancing practices that make it hard to coordinate property sales, you may be thinking, “Am I ever going to sell this house?”
Despite the current uncertainty, now is actually the best time to sell a house! Here’s why you should consider making your home’s sale a priority.
Homes Are in High Demand
In the first days of the pandemic when the government shut down nonessential businesses, the housing market essentially came to a standstill. Sellers and buyers alike waited to see what would become of the restrictions related to COVID-19.
While no one is back to “business as usual,” the real estate market is quickly getting back on track. Home sales surged over 20% in June, a record monthly gain.
This may have something to do with the fact that the pandemic has reshaped the way we look at our homes.
As most of us have spent the last several months confined to our homes, areas of need and improvement have become clear.
Smaller families are seeking larger homes that will let them weather this storm with a little more space. Remote workers are looking for office space for long hours at the computer. Most of us are seeking additional privacy and roomier yards.
Whatever the reasons, this higher demand has made the market ideal for home sellers in the last few months.
Home Prices Are Up
In spite of this increased demand, however, the current home inventory is at an all-time low. This isn’t a new trend, as people in general are living in the same home for longer before selling it—up to 13 years on average. But with the added effect of the pandemic, the number of homes available for sale has dwindled.
If you haven’t already realized it, this is where you should be thinking, “It’s time to sell my house fast!” With fewer homes available, the average home price has slowly increased over the last few months. Home prices have seen the biggest gains in 2 years, making them 5.5% higher this July than they were in July of 2019.
This effect is only amplified by the fact that national mortgage rates are at all-time lows, giving buyers better opportunities to save money, or to put that money toward their new home. In other words, selling your home now could net you significant profits, more than you’d earn by waiting months to a year!
It’s Time to Sell This House Fast
Experts studying current home trends have varied predictions about how the market will fluctuate in the future, so the best time to sell is now. If you’re reconsidering your decision not to sell this house, it’s a good idea to start thinking about your curb appeal and virtual home tours!
As you take your next steps toward selling your home, don’t forget to check out the other home and real estate tips on our blog.