People are on the fence about selling their home. And rightfully so. There is a global pandemic happening and people are scared of what will happen to home prices. Therefore, is it a good time to sell? The answer is generally yes, and here are three reasons why:
- Inventory is low: Homes are still selling quickly and for good prices. This is primarily due to there not being a lot of inventory out there. Buyers don’t have the choices they were hoping for due to COVID-19 and how the stock market was reacting. Because of this, it is keeping home prices high. According to the Multiple Listing Service, the month’s supply is in the range of 3 months. To put it in perspective, a “balanced” market, which is neither a Buyer’s nor Seller’s market, is 6 months. This means right now Sellers have the upper hand. If you are concerned for it to become a Buyer’s market, then why wait?
- No open houses and no lookie loos: A concern for many sellers is that they don’t want random people coming through their home. Especially with the risk of COVID-19. That means showings only happen for those that are motivated and qualified to buy. Each person coming into your home has to sign a waiver saying they are healthy and show no symptoms of COVID-19, the flu, or the like. Although no guarantees can be made, but at least there are protocols in place.
- Generally, the most qualified of buyers are buying right now. Why? Because they work stable jobs that can weather these interesting times. For some of our sales, they have been marketing executives, police officers, or even retirees. Their jobs are still useful, or their retirements are set to where it isn’t an issue. That helps you in solidifying a quality buyer from the start rather than someone shaky that might have loan approval issues down the road.
Now, of course everyone’s situation is different. That’s where talking to a well-qualified Realtor® comes into play so that you can decide what the best course of action is for you.
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