Now Is One Of The Best Times To Sell

Dated: 07/11/2020

Views: 258

Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Blog author image

Cindy Hanson Welu

Cindy has been a licensed realtor since 2000, and a licensed real estate broker since 2004. She and the entire Welcome Home Team strive to meet and exceed their clients expections while delivering th....

Want to Advertise on this Site?

Latest Blog Posts

Three Reports Show The Housing Market Is Strong

Three of the Latest Reports Show Housing Market Is StrongThe residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. Three separate

Read More

A Professional Real Estate Agent Is More Helpful Now Than Ever

A Real Estate Pro Is More Helpful Now than Ever [INFOGRAPHIC]Some Highlights A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever

Read More

Where Is The Housing Market Headed The Remainder Of 2020

Where Is the Housing Market Headed for the Rest of 2020? [INFOGRAPHIC]Some Highlights: The housing market is forecasted to finish the year with growing strength. Historically low mortgage

Read More

Buyers Are Serious About Purchasing A Home Today

Today’s Buyers Are Serious about Purchasing a HomeToday’s homebuyers are not just talking about their plans, they’re actively engaged in the buying process – and they’re serious about it.

Read More