It is no secret that over the past few months, several industries have been affected by the novel coronavirus. So, it is safe to say if you are apprehensive about putting your home on the market, we understand.
However, mortgage rates continue to reach new lows and after looking at the current housing market conditions, this summer is the best time to sell your home right now.
Buyers have outnumbered sellers and Real Estate experts are seeing homes being sold in just a matter of days.
If that is not reason enough, here are a few more reasons why you should consider selling your home now instead of waiting it out:
1. Rebounding market equals more demand
Confidence has been increasing in buyers and sellers as Florida started to initiate its re-opening.
According to the National Association of Realtors (NAR), in May, after two months of decline, pending home sales shot up 44.3%. This is the highest month-over-month jump since 2001 when the index began.
Additionally, many employees are now favoring working from home and are starting to look for homes outside of densely populated metro areas.
This is great news for those turning to Lakeland to relocate from the Greater Tampa and Orlando areas.
2. With high demand comes low inventory
With a shortage of homes for sale on the market, buyers are hastily snatching up whatever becomes available that fits their needs.
There is not as much competition on the market currently, so this works in the seller’s favor.
3. Home prices are up
Buyers are also worried about missing out on a potential deal, so many are offering above asking price.
According to NAR, single-family home prices increased during the first quarter of 2020, with the national median single-family home price increasing 7.7%, to $274,600.
4. Buyer’s needs have changed
Even those who may not have been in the market for a new home before, are strongly considering it now.
Following stay at home orders, many homeowners may have realized that their home does not currently fit their new standard of life.
Whether they desire a home office or more outdoor space, potential buyers have taken to the internet in their spare time “just to see” what is out there.
By utilizing the new wave of digital technology, such as the 3D virtual Matterport tours our office provides, you are able to open up to a whole different audience.
With this new surge of buyers comes plenty of opportunity.
We promise you will not regret listing your home now. The market is HOT for sellers! Start looking for a listing agent today.