While many industries have been devastated by the economic impacts of COVID-19, the real estate industry is not one of them. This is great news for you!
Mark Fleming, Chief Economist for First American, just reported,
"Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels."
Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year.
There is One Big Challenge
Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:
"Since the beginning of the pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the US housing inventory."
The National Association of Realtors (NAR) revealed that while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Homebuilders are increasing construction, but they cannot keep up with demand.
What Does This Mean for Sellers?
If you're thinking of putting your home on the market, don't wait. A seller will always negotiate the best deal when demand is high and supply is limited, and that's the situation of the real estate market today.
When the pandemic is hopefully behind us, chances are high that many more properties will come onto the market, increasing competition if you wait.
Now is the time to sell. Connect with us and let's get your house on the market during this optimal time!Posted by Super Admin on