Even in the Midst of the COVID-19 Pandemic
While the country has been at a near standstill for most of 2020 due to the Coronavirus outbreak, right now could still be a great time to sell your house. In fact, as compared to earlier in the spring – when the pandemic was initially picking up steam – the real estate market is now seeing signs of a strong rebound.
In fact, based on statistics from the National Association of Realtors’ (NAR) Pending Home Sales Index, U.S. home sales increased in the month of May by more than 44%. One of the key reasons for this is because the inventory of available homes for sale remains low.
NAR data indicates that people are living in their homes longer these days – with an average stay of 13 years. But this isn’t the only reason for the absence of inventory. Another is the result of fewer distressed properties on the market right now – which is due in large part to stimulus funds from the government, the additional amount of unemployment income, and mortgage forbearance.
True to the laws of supply and demand, fewer homes on the market equates to home prices being up. In fact, even with the pandemic still going strong, many sellers are still getting top dollar for their properties.
So, where exactly is demand the strongest?
At this time, homes that are located in the suburbs are hot properties – particularly as people are shying away from the bigger cities and metro areas that tend to be more crowded and congested.
If you’ve been considering a move but were afraid that the COVID-19 pandemic would have a negative impact on the price or the interest, right now could be the perfect time to move forward with your plan.
We can help you put together a marketing strategy that will generate interest from your target buyers at the best listing price. To sell your house and get the process started, just give us a call and we’ll get to work for you.