Normally, spring is a perfect time to sell one’s home. However, this year, things are a little different. Due to COVID-19, our economy came to a complete standstill and there are more uncertainties about the future than ever. Many people are asking themselves “can I sell my house in this kind of environment?” While it may sound counterintuitive to some, now may be the perfect time to put your house on the market. Let me explain why.
Inventory is Down 48%
Even before the advent of the pandemic, housing inventory was already low. During the pandemic, it continued to go down as most people were not comfortable with the thought of having strangers walk around their home, touching their furniture, light switches, etc. due to fear of getting the virus. Many sellers decided to pull their home off the market because of this reason. Others hesitate to list because they think nobody will want to buy a home during a pandemic.
In some areas, the inventory of available houses for sale reached a critically low level. The Seattle/Eastside market is experiencing a 48% decline in inventory compared to last year at this time. Therefore, it may be a smart move to list your home for sale at this very moment! Less competition and low inventory mean that you can close your sale faster at a higher price.
Mortgage Rates are at a Historically Low Level
With mortgage rates dropping below 3% for the first time in history, buyers are more excited than ever to secure themselves the best mortgage deal and become proud homeowners. Since more buyers will be willing to close the deal if they are able to get a favorable mortgage, selling a house at this time usually results in receiving multiple qualifying offers from enthusiastic buyers. These buyers may be willing to pay a little more since they now don’t have to worry about the expensive mortgage rate.
The Government is Pumping More Money into the Economy
For those who worry that no one would want to make such a big purchase as a house during this trying time, they may be wrong. The U.S. government has been doing all they can to keep the economy afloat. By pumping money into the economy, they not only help the average American cope with uncertainties but also give them more buying power. When it’s easy to borrow money from the bank at affordable rates, people will take advantage of the situation to purchase things they would otherwise be unable to afford. People who have been dreaming about owning a house see this as an opportunity to realize their dreams. As a seller, you want to be in the market when buyers are most enthusiastic.
Sales are Up 19% Year over Year
Even though there is a high level of uncertainty among people, the housing market keeps rising. With sales up 19% year over year, it’s safe to say that the market is still booming. Real estate investors are always on the lookout for the best deals, especially in areas with rising rental rates. People with an urgent need to settle down will not let a valuable property pass them by. There’s no reason to let your house sit idle while other sellers are making large profits.
If you are interested in selling your home but not sure how to best take advantage of this market, don’t hesitate to reach out to me. I have the tools and knowledge needed in this marketplace to make sure you get top dollar for your home, while maintaining you and your family’s safety during these uncertain times.