Maybe you noticed that during the last HOUSING CRASH (2006-2008), tons of homes went into foreclosure, causing a surge of below market priced homes to hit the market. Annnnd maybe you're
Should you WAIT to sell your home?
Dated: November 4 2020
Should you WAIT to sell your home ::insert reason here::
- until after we FINALLY see election results?
- until the Spring?
- until we see what happens with "round 2 COVID?"
- until after the holidays?
- until Jesus comes back? (if you believe in that sort of thing)
In case you're not a reader, let's cut to the chase: NO. Seems like an expected answer from a bunch of real estate geeks, right? Hang with us for a minute.
Many industries DID take a hit from the economic shutdown. Real estate was NOT one of them.
Mark Fleming, Chief Economist for First American, just reported:
Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.
Cool, Mark. What does that mean? Please take a look at our very fancy illustration:
"THIS IS US" (not to be confused with the tear-jerking NBC TV series) shows where the real estate market is today...back on top and healthier than ever.
Buyer demand is stronger than it's ever been this time of year. Most agents use a program called "ShowingTime" to schedule showings for buyers. It's a great resource for capturing data. ShowingTime just announced that showings are up 61.9% compared to this time last year.
Real estate usually "peaks" in the summer, but this year, it peaked in July, August and September. What does that mean? The "Chrismas slow down" isn't likely this year. MAMA'S GETTING A NEW HOME FOR CHRISTMAS!!
Buyer demand is so high, and we are RUNNING OUT OF HOMES for sale. Since the beginning of COVID in March 2020, nearly 400,000 fewer homes have been listed nationwide, compared to 2019, leaving a GAPING hole in the U.S. Housing inventory. (Source: REALTOR.COM)
Home sales are skyrocketing, but inventory is dropping drastically. (Source: National Association of REALTORS)
So what does all of this mean for SELLERS?
A seller will always negotiate the BEST DEAL, when demand is high and supply is limited. THIS IS WHAT'S HAPPENING TODAY! Next year, when there are more homes on the market, a seller will have more "competition," which means they will lose their ability to get the best deal and make the most money.
Still on the fence? Let's schedule a time to talk through YOUR BEST SCENARIO to determine if now is the best time for you to profit off the sale of your home.
My husband and I are the founding members of a top selling Real Estate team in Anderson, SC. I have been a native of the area for over 20 years and attended elementary, middle, high school and college....
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