Yes, during a pandemic, houses are selling and home inventory is low. This is the time to list your home and we’ll guide you through the steps.
The combination of low inventory, high demand, and low-interest rates makes NOW the perfect combination to sell your home. Don’t let this opportunity pass you by if you have decided you are not going to stay in your current home for the long term. This is particularly true for Baby Boomers planning for retirement or looking to downsize.
3 Compelling Reasons Why Now is the Time to List Your Home
1. Interest Rates
I am not an economist, but I do know that eventually, interest rates will have to go up. Rates are the lowest they have been in decades which means more potential buyers for your home. When rates do go up, and they will, your home may become less affordable for these same buyers.
2. Inventory is Low
Housing inventory is low. Homes priced right are selling quickly, many at asking price or higher, with multiple offers. Multiple offers in high-demand neighborhoods are common.
3. Demand is Strong
Despite the COVID-19 crisis and high unemployment, the demand for housing remains strong. Some of this is due to the healthy stock market. Some are the results of a long period of prosperity which followed the 2008/2009 recession.
“Many homeowners will experience a recession during their lifetime, and it is reasonable to compare the current recession to those in the past. But the comparison is not apples to apples — every recession is different. Primary drivers of the Great Recession were an overbuilt housing stock, risky mortgages, and the collapse of home prices, creating a massive increase in negative equity that proved difficult to recover from. Today’s housing environment has low vacancy and delinquency rates and a large home equity cushion. While the CoreLogic HPI forecasts a decline in home prices in the coming year, we can also expect the majority of homeowners to remain above water.”-Frank Martell, President, and CEO of CoreLogic
If you have no plans to move or relocate to another area, then none of this matters. But, if you have decided that “when I retire, I am not staying here,” NOW is the right time to list your home for sale. Our team is ready to help you weigh your options and get your home listed. Schedule an appointment today. Unsure how much your home could sell for? Click here to get our free home evaluation resource. Know the facts so you can make an informed decision.