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Now's The Time To Sell!

Thursday, September 24th, 2020 at 4:20pm. by Northrop Realty

Now’s The Time To Sell!

The buyer demand is strongest right now.

If you are a potential home seller and are wondering “is now a good time to sell my house?”, the answer is simply, YES! Real estate continues to be the ‘bright spot’ in the current economy, and the lack of homes for sale makes this the perfect seller’s market.

Buyers are actively searching for and purchasing homes, looking to capitalize on today’s historically low-interest rates, but there just aren’t enough houses for sale to meet that growing need.

Sam Khater, Chief Economist at Freddie Mac, explains: “Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery and these low rates have ignited robust purchase demand activity. However, heading into the fall the lack of supply is ripe for a seller who could see multiple offers on their listed property.

According to the National Association of Realtors (NAR), right now, unsold inventory sits at a 3.1-month supply at the current sales pace. To have a balanced market where there are enough homes for sale to meet buyer demand, the market needs inventory for 6 months. Today, we’re nowhere near where that number needs to be. If the trend continues, it will get even harder to find homes to purchase this fall, which may slow down potential buyers.

The realtor.com Weekly Recovery Report keeps an eye on the number of listings coming into the market (houses available for sale) and the total number of listings staying in the market compared to the previous year. Buyers are clearly scooping up homes faster than they’re being put up for sale.

Javier Vivas, Director of Economic Research at realtor.com, notes: “The post-pandemic period has brought a record number of homebuyers back into the market, but it’s also failed to bring a consistent number of sellers back. Homes are selling faster, and sales are still on an upward trend, but rapidly disappearing inventory also means more home shoppers are being priced out. If sellers don’t take advantage of the market in the next few weeks, we could see the number of homes for sale continue to dwindle even as the lineup of buyers continues to grow.”

Does this mean it’s a good time to sell?

Yes, If you’re ready or even thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers looking for homes to purchase because they want to take advantage of low-interest rates. Our agents are seeing multiple offers on most of our listings, which means the demand for homes is there, and you have an opportunity to sell for the most favorable terms now.

Bottom Line

If you’re considering selling your house, this is the perfect time to chat with me, Creig Northrop, and let’s discover together how you can benefit from the market trends in your local area.

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