The Optimum Time To Sell Is Then You Have Little Competition:
Qualtrics found in their latest survey, 87% of those who participated in the survey indicated they were worried about how the Covid pandemic and the economic recession would affect the salability of their home or condo. 51% of those polled said they are “seriously worried.” That response is understandable because of the current economic condition. Even with the disruption families have experienced this year, findings show that home-buyers are still very active in the real estate market.
The National Association of Realtors (NAR) revealed in the most recent Existing Home Sales Report, that 340,000 single-family homes sold and closed across the country last month. NAR’s most recent Pending Sales Report (properties that have gone under contract) outperformed last month’s total by more than 44%, which was way above the 15% predictions from analysts. ShowingTime revealed that showing appointments to view properties for sale (in-person and via virtual tours) have risen in every US region and have gone up 21.4% nationwide as compared to last year.
While there is a surge in home-buyer movement, in contract, inventory for homes and condos for sale has hit a record low. In the most current residential real estate report by Zelman Associates, findings show properties for sale as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.
A Return To Bidding Wars
With inventory decreasing and buyer activity increasing, home-buyers are once again finding themselves competing with other home-buyers for the same properties. NAR, in a recent blog post, revealed:
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.
If you have been considering selling a home or condo, don’t be too worried about listing your home for sale right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia, Coldwell Banker and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia, Coldwell Banker and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.