Is This the Best Time to Sell a House?
By Space Coast Daily // November 26, 2020
There is always a perfect time for everything that we do. This applies when selling a house too. This is how you can determine the right time.
Given the tough times we are facing globally this year, we all know how businesses have faced loss. The economy dropped drastically in some countries. People who wanted to sell their house this year, but couldn’t because of the obvious reasons, and the downfall of the economy.
However, don’t be disheartened, and put off your plans and goals for this. Some real estate experts think it’s still possible to sell houses at a great price. In fact, it can be one of the best years to do so.
Experts have claimed that just because the pandemic has let everything down, doesn’t mean it affected the real estate business. People are interested in buying more houses. In this case, it’s better to be a seller than a buyer and more profit.
Why Is This The Best Time to Sell Houses?
If you already gave up on your plan to sell a house, you should know this is your time to shine and sell a house, as the benefits are on your side.
1. The Demand for Home-Buyers have Increased
With time the pandemic restrictions are loosening, with lesser numbers of Covid-19 cases. Home-buyers are finally back in the field for house hunting and it’s peak time for sellers to make the sale.
Not to deny, the business has been slow when the pandemic began, but it’s making its way up again. The real estate business is already seeing a lot of green signals regarding their blooming business statistics. Real estate experts have expressed that they haven’t seen such an increase in statistics, since 2001.
The demand is higher in the suburbs and neighborhoods with cheaper priced houses. Most people wish to escape the chaotic over-crowded mess of urban life and move to someplace where they can find serenity and peace.
Moreover, the houses outside the metropolitan area are way cheaper than the ones in the cities. So the demand is high, as expected. Check out Homes For Sale Myrtle Beach SC for a better insight on the real estate state this year, and what they are offering.
2. Housing Inventory Prices Remain Low
The real estate experts claim that there was a shortage in the supply of houses for sale even last year when there was no pandemic situation present. And for this year, the pandemic didn’t cause that much change to the whole supply situation.
There is still a shortage in the supply of houses.
As per the real estate agent, people are spending more time at home, hence they’re prioritizing a homely atmosphere and looking for houses to buy. Due to the lockdown, we have to stay mostly at home. A statistic claims, Americans live at their place for an average of 13 years before moving to a new house.
So we can conclude that the pandemic didn’t affect the real estate business that much.
The price of the inventory is lower due to certain factors such as huge governmental stimulus support, generous unemployment benefits, and mortgage forbearance.
3. The Prices of Houses Went Up
As the prices of inventory went down, and the demand for houses increased, the sellers can now sell houses at a higher price than usual. According to stats, the prices of houses have increased in the first quarter of 2020.
They continue to be in peak demand, and sellers are getting lucky when it comes to selling houses.
This has surprised and shocked the real estate agencies as they thought the business would go down for lesser demand on houses due to the pandemic. However, the demand is at its peak and people are buying houses at great rates.
The asking price for a home is higher than it was before the pandemic.
What a great surprise!
4. Low Mortgage Interest Rate
Another great factor that is driving the home buyers to purchase a place is that the mortgage interest is comparatively low.
According to a recent study and research, home prices could cost a couple of thousand dollars less than the loan. It is understandable as the mortgage purchase applications have changed quite a lot since last year.
5. Slow Recovery Signs of Economy
Even though people have lost their jobs since March of this year and the economy has dropped, people are highly interested in buying a house. It’s a good sign.
The continued cases of Covid-19 may have affected much business and the state of the economy, for the real estate business it seems to be going in the right direction.
There was an increase in joblessness, from March to May of this year, which crushed the economic condition of a lot of countries. However, with a lesser number of Covid-19 cases, a lot of businesses are reviving and getting back on their feet, and finally, the economy is seeing light.
This led to consumer spending, and some companies are so much in demand that they are struggling to supply. Experts suggest that there are changes, businesses will see a huge bounce back. As the real estate companies are already seeing it.
6. The Needs of Home-Buyers have Changed
During this pandemic, people have been spending more time at their houses and working remotely. This is what changed the minds of home-buyers as they are looking for houses that are roomy and comfortable to be in.
Some feel like the house feels too small to be in all day long, might find it more suffocating as they can’t even go out. Spending so much time at home has made some of the buyers realize that the house is meeting their needs, and they needed to shift.
Get Lucky with Selling your House
This year might be unfortunate, but don’t put yourself in the same place, thinking there’s no chance when it’s about you selling a house. We have already discussed why this is the best time to sell a house.
They are high in demand, and you can sell at higher rates as well. Looks like things aren’t as bad in this aspect.