It’s no secret 2020 has been an unusual year including an unusual economic climate. Because of this, many people are far more hesitant than usual to make significant financial decisions, such as buying and selling their homes. You may think this isn’t the right time to put your home on the market, but think again! It may actually be the optimal time to search for a real estate agent to list your home.
Though the economy is indeed unstable in many areas, current housing market conditions are generally favorable for those looking to sell. Numbers indicate far more buyers than sellers, making this an excellent time to put your property on the market. There are numerous reasons to look for a listing agent now. Knowing why this winter is the optimal time to begin searching for a “realtor near me” can significantly impact your success in selling your home.
Home Inventory is Dropping
As already mentioned, the number of available home listings is far lower than the number of people currently ready to purchase a new home. Inventory was already down when COVID-19 arrived on US soil. Since the outbreak of the pandemic, fewer people than ever have been willing to sell their homes. This combination of an already low inventory of home listings combined with an unwillingness to sell has led to a far lower-than-usual number of homes on the market.
However, there will always be individuals looking to purchase new homes. This is excellent news for those who need to sell, as anything new entering the market is far more likely to sell fast, especially if it is in good condition and has other desirable qualities, such as a preferred location. A listing agent can get your home in front of potential buyers and get it sold quickly for a great price, even given the instability of the current economic climate.
Buyer Demand is High – and Growing
Early this year, buyers were not interested in making larger purchases. Subsequently, the industry saw a decline in the purchase of real estate property, including residential home sales. As the outlook for COVID-19 and other economic and political concerns affecting the national and world stage become more apparent, the situation is changing.
Since the winter season began, buyer demand has reached a high and is only expected to continue growing. This is especially true with lockdown restrictions easing up and more individuals considering making a move. Many of those currently enlisting a real estate agent with the home buying process are doing so to make up for lost time. For several months it was unsafe to consider browsing homes in person or performing large moves. Now all of those individuals who have been delayed are coming out in droves, seeking the real estate property most suitable to their needs.
Buyer’s Needs Have Changed
Among the many reasons a large number of individuals are searching “realtor near me,” whether looking to buy or sell a home, is because their needs in a home have changed over the past year. Because of the pandemic, more people than ever are working from home. Many find themselves in need of more space because they are spending more time at home as opposed to working, socializing, and running errands throughout the day.
Working with an experienced listing agent, they can highlight your home’s aspects most appealing to buyers looking to upgrade due to pandemic conditions. As an example, for buyers now required to work from home, a selling agent may point out the spacious qualities of a house with extra rooms for a home office or home school.
Mortgage Rates are Appealing
Among the more surprising details to note about the current economic climate is how favorable mortgage rates are for home buyers. Mortgage interest rates are more than just good – they are historically low. Recently, interest for 30 year fixed-rate mortgages fell below 3% for the first time in 50 years. With rates this low, homes could potentially cost tens of thousands of dollars less over the lifetime of the loan.
This has led to an even bigger boom in buyers’ real estate property, a trend expected to last over the winter season and beyond. Finding a selling agent now can help you get in on this trend and ensure you don’t miss out if you are truly ready to sell your home. This is a house seller’s market, and it is a great time to take advantage of everything it has to offer.
The Economy is Recovering
Finally, it should be noted the economy is not in shambles. While COVID-19 remains a threat, it has not left devastation in its wake as many of us feared it would, and the world at large is recovering. While this recovery is slow, data shows the economy is bouncing back in many areas. The housing market is one of these areas, something any house seller can see if they look at details such as current home prices.
Home prices are up, and when working with a realtor to negotiate a sale, conditions are just right for many sellers to get top dollar. This is a big deal, as many were initially worried home prices would start to drop due to the pandemic. Fortunately, this is not the case, and when working with a listing agent, you can expect to be able to sell your home and get a fair price.
If you’re searching for someone to help you sell your Pioneer Valley home this winter, Stacy Sells can be there for you to help with every step of the process. Her experience, along with her local knowledge and understanding of market trends, can ensure you get everything you need in your home purchase.
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