The Spring Market Is In Full Swing!
Yes, you read that correctly…”Spring Market”. And you’re thinking, ‘look at the calendar, it’s October 1st.’ That is correct. However…
We think that most of us will agree that 2020 has been a year unlike any of us have ever experienced, including the local real estate market. When states began shutting down due to COVID, the real estate market did as well, albeit not completely. Transactions were still being conducted, buyers were still ready to buy. But many sellers either removed their listings from the market or decided to wait to sell. Fast forward to September, and what do we have? A delayed Spring market that’s bursting at the seams with buyers and not enough listings.
If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.
1. Buyers Are Actively in the Market ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase. It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.
2. There Are Not Enough Homes for Sale. We can’t stress this factor enough: In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers. Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.
3. The Process Is Going Quickly. Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days.
4. There May Never Be a More Important Time to Move. You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs. And home builders are beginning to build new houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want as well
The Bottom Line: The housing market is prime for sellers right now, so reach out to The Lisa Mathena Group to get the process started this fall. If the timing is right for you and your family, the market is calling your name...