Missed the spring home selling

MISSED THE SPRING HOME SELLING OPPORTUNITY? YOU’RE NOT THAT LATE

Yvonne Mcfadden

If you missed selling your home during this year’s spring, do not panic, and most importantly, don’t think you’re late. The 2020 housing market has been so unpredictable, no one knows what to expect and when. In other words, the 2020 housing market is not like the other previous markets where certain known seasons featured a lot of housing activities than others. With the COVID-19 pandemic wreaking havoc in the whole economy and the housing market surviving, no time has been better than the other one for selling your home.

If you missed selling your home during the spring, you’re not late. Here is why:

1. THE DEMAND FOR HOMES IS STILL HIGH

Since the reopening of the economy, home buyers are back with a vengeance, eager to make up the lost time. There are a lot of prospective home buyers right now looking for properties to buy. Records have been steadily growing, and the market is flooded with first-time homebuyers and other real estate buyers. According to the Pending Home Sales Index (PHSI) by NAR, pending home sales continued to trend upwards in August (8.8% increase),

revealing that demand for housing has been representing four consecutive months of upward trending of pending home sales. Elsewhere, another report by NAR revealed that existing home sales in August increased by 2.4% month-over-month and 10.5% yearover-year increase.

If you missed the spring home-selling opportunity, you have not lost anything. Demand for homes is still insatiable; therefore, it is still an excellent time to sell your home.

HOUSING INVENTORY REMAINS LOW

The rising demand for homes amid the pandemic has been met with a force pulling in the opposite direction where housing inventory is plunging with time. Reports have shown that housing inventory has been reducing as time moves on, while the demand continues to grow.

“There was insufficient supply last year,” says Lawrence Yun, chief economist of the NAR. “This year during the pandemic, the shortage has intensified.”

However, trying to explain the shortage of houses has nothing to do with the ongoing pandemic. The number of homes for sale is at a “generational low,” according to Matthew Gardner, the chief economist at Windermere Real Estate. People are living longer in their homes than they used to. Data from NAR has revealed that Americans are spending an average of 13 years in their houses before moving.

So, if you missed the spring home-selling opportunity, the demand is still on, and probably someone is looking for a property like yours to buy right now.

HISTORICALLY LOW MORTGAGE RATES

The current significantly low mortgage rates are encouraging more people to buy homes. This means that it is still an excellent time to sell your home and look for another one if you wish. Currently, the interest rates stand at about 3% for a 30year fixed, 2.9% for a 20-year fixed, and 2.5% for a 15 and 10-year fixed. The currents rates are something that we’ve never seen before.

With the historically low mortgage rates, the demand is skyrocketing as more peoples are looking to buy homes.

4. HOME PRICES ARE INCREASING

Low housing inventory and rising demand for homes create the perfect condition for home sellers to fetch high prices from their properties.

“Many sellers can get top dollar in the current market conditions,” Yun says.

Home prices have significantly gone up in most markets, and experts warn

that the situation is likely to maintain that trend. Home prices in different markets have been hitting all-time highs even as the pandemic continues. So if you missed the spring home-selling opportunity, rest assured that your product will fetch a good price even now.

With all that is going on in the housing market, this is still the best time to buy and sell real estate. Like I like to call it, this period is the ‘Corona Bonus.’

Work cited.

https://www.realtor.com/advice/sell/ reasons-why-now-is-a-good-timeto-sell-a-house/#:~:text=Home%20 prices%20are%20up,market%20 conditions%2C%22%20says%20 Yun.&text=%E2%80%9CHome%20 asking%20price%20growth%20is,the%20 pandemic%2C%E2%80%9D%20Hale%20 explains.