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Mid-global-pandemic may not seem like the best time to enter the real estate market, but many industry professionals agree that now is a great time to sell your house – potentially even the best time in years. Here are six reasons that now is a good time to sell your home.
While demand experienced a dip earlier this year, it’s quickly rising again. Home buyers are back out and eager to make up for time lost to the pandemic under stay-at-home orders across the nation. Demand is currently highest in the suburbs and in smaller, cheaper cities, which is great for those of us looking to sell in the Appalachian Highlands region. This is likely in part a result of cultural changes that came with COVID-19 that have people looking to live in less crowded cities, especially since many employees will continue to work remotely for the foreseeable future.
Current data suggests that home sellers are outnumbered by home buyers in the housing market. Housing inventory in June 2020 was 27% lower than in June 2019, putting it at an all-time low.
Rising demand and historically low inventory create the perfect conditions for sellers to list their homes at higher prices. In fact, home asking prices are now higher than they were before the pandemic. During the first quarter of 2020, single family home prices increased in most markets, with the national median price for single family homes up 7.7%.
Historically low mortgage rates are also motivating home buyers right now. Lower mortgage interest rates can add up to potential savings of tens of thousands of dollars over the course of a mortgage, so it’s no surprise mortgage purchase applications have jumped.
While we saw record-high unemployment rates in March, these numbers continue to decrease as the economy shows signs of slow but consistent recovery. The amount of time taken to sell a home appears to be lessening as business restrictions are lifted and consumer confidence rises.
The pandemic has resulted in people spending more time at home. Naturally, home offices, added privacy, outdoor spaces, and more space in general are increasing in importance to home buyers.
Ready to sell your home? Blue Ridge Properties has you covered. Our agents have the digital experience, industry expertise, and hyper-local knowledge necessary to sell your home fast. Browse our agents here: https://brphomes.com/agent or contact us online, by phone (423-247-4181), or in person at one of our offices.