Why This Is Actually the Best Time in Years To Sell a House

What you should know before you put off selling your house in 2020

The summer is generally the busiest time in the real estate market, however, the events of 2020 have made many homeowners consider putting their plans to sell their homes on hold, and many have already pushed the idea aside completely.  The year has certainly been an interesting one and it is no surprise that these homeowners have reconsidered selling.  The economy has been impacted, businesses have closed, and social distancing is ongoing, however, many real estate experts believe this summer could be one of the best times to sell a home in years.  Here is what homeowners should know before they ditch the ‘For Sale’ signs and put off selling their home another year.

1. Home buyer demand is very high.  As restrictions are slowly lifted and people return to their normal lives, consumers are ready to buy.  Buyers are looking to make up for all those months of lost time in the search for their new home and are eager to make a deal.  Matthew Gardner, chief economist at Windermere Real Estate states that, “There’s very significant demand” that is “strongest right now in the suburbs and in smaller, cheaper cities—as buyers look to escape the biggest metros”.  
2. The housing inventory is still low.  While there are many consumers ready to purchase a home, the number of houses available does not actually meet these demands, making your home even more valuable.  Last year at this time, there was a low inventory as people live in their homes longer than they did in years past and there are less homes in forbearance.  Now after the pandemic, “the shortage has intensified”, according to Lawrence Yun, chief economist of the NAR.  
3. Home prices are up.  As the demand for houses increases and the supply remains low, homes are selling for higher prices and home sellers are able to get top dollar for their homes.  According to the National Association of Realtors, home prices increased in the first quarter of 2020, “with the national median single-family home price increasing 7.7%, to $274,600”. 
4. The economy is showing signs of recovery.  National rates in unemployment were at a record high in March due to the pandemic, however, those rates are now declining and people are returning to work.  Data from May and June suggests that businesses are adding back jobs as consumers get back to spending, and some companies are now scrambling to keep up demand.  People returning to work and supporting businesses are good signs that the economy is bouncing back, meaning that the real estate market will follow suit. 
5. Homebuyer’s needs have changed.  As many companies have seen the efficacy of employees working from home, many people will see this as a permanent change.  This means that buyers are able to look for homes in areas that are not close to the office.  Homebuyers can take their search anywhere and their search can be more broad than ever before.