Due to COVID-19, many would-be sellers opted to play it safe and sit on the sidelines for the normally busy spring and summer real estate markets. This has created a unique opportunity for those sellers who do decide to list right now, and here are three reasons why:
1. Inventory. Typically, listings flood the market in the summertime. This summer, however, the number of available homes for sale is down 43% from last year. While our supply is nearly half of what we had in summer 2019, buyer demand in the market has risen 23%. Do you remember not so long ago when people were competing for toilet paper in grocery stores? This low inventory of houses is creating a similar sense of urgency and competition.
2. Motivated buyers. There were a ton of buyers who wanted to buy several months ago but had to put their plans on hold due to COVID. That being said, if you truly need a new house, you can only wait so long. As I’m sure you’ve heard by now, interest rates are historically low too. Because low rates directly translate to more buying power, it could actually cost a buyer more if they waited too long and missed out on these great rates.
3. No looky-loos. These are the buyers who aren’t super motivated. They may buy one day if the stars align and they find the perfect home, but they’re okay with that process taking as long as it needs to—even if that means years. In the meantime, these indecisive buyers will be looking at every single home on the market, which means you’ll prep your home for them and get your hopes up only to be disappointed. However, rest assured that in this market, you’ll only be showing your home to serious, motivated, and qualified buyers who are ready to pull the trigger today.
These three conditions combine to create an environment conducive to massive selling success. I hope you found this message helpful and, as always, reach out by phone or email if you need help with anything real estate-related. I’m happy to answer your questions and get the resources you need to achieve your real estate goals.