Is now a good time to sell your home? Between the continued threat of the COVID-19 pandemic, layoffs, and a wobbly economy, it's no surprise that many who may have planned to sell their home this year are wondering whether they should take a shot or wait it out. The hesitancy is understandable given the disruption and uncertainty caused by the pandemic. But our REALTORS® believe now is a good time to sell for the following reasons:
- There is a Pent-Up Demand for Homes
When the pandemic forced many states to ban open houses and enforce quarantine, the buying and selling of homes understandably went dormant for some months. But now that lockdown restrictions have loosened up, homebuyers are eager to take the shot and make up for the lost time. There are strong signs of a rebound in the real estate market as homebuyers are out with a vengeance. This demand is strongest in smaller, cheaper cities and suburbs as more employees are allowed to work remotely for the foreseeable future.
- You're Likely to Have Much Less Competition
Amid the high demand by homebuyers, the number of homes for sale is at an all-time low. Since many potential sellers are still hesitant to put their homes on the market amid the coronavirus crisis, housing inventory is lower than it was a year earlier. Even before the pandemic, we've been experiencing a "generational shortage" of homes for sale because people are living in their homes longer than before.
- Mortgage Interest Rates are Incredibly Low
Houses are selling faster than they did in previous years. This can partly be attributed to historically low mortgage interest rates. With the opportunity to potentially save tens of thousands over the lifetime of the loan, homebuyers are motivated to get off the fence and get out there. If you're thinking about selling, this is the time to have your house on the market. You have to remember that once you sell, you're also going to be a buyer. As such, you want to take advantage of the glut of homebuyers, low inventory, and low-interest rates.
- The Economy is Slowly Recovering
While the COVID-19 crisis sharply curtailed economic production and led to high unemployment rates in March, April, and part of May, there has been a slight drop in these levels. Businesses are employing again as consumer spending increases, and some companies are struggling to meet demand. This can be a good sign that people are still willing and able to buy a home. For now, the economic recovery at the national level is heading in the right direction.
- The Needs of Homebuyers Have Changed
In addition to telecommuting, spending more time at home has sparked a fresh deluge of homebuyers who have realized their current homes don't meet their needs as they did pre-COVID-19. Spending more than three months sheltering in place has taught a lot of people that their homes are important. Outdoor spaces, more room, home offices, and more privacy are becoming more important to homeowners. Highlighting these features and amenities when you put your home on the market can attract buyers. What's more, home staging, visually appealing listing photos, videos, and 3D virtual tours are very crucial in the current market as people start their home search online.
Don't let the pandemic scare you away from selling your home. Our REALTORS® stand ready to help you stage and prepare your home to appeal to buyers looking for Mansfield homes for sale. Please contact us today to get started.