If I had a dime every time I’ve been asked if now is the right time to sell my home … well, let’s just say I would be a very wealthy woman!
Timing the market right, whether you’re buying or selling, is at the top of everybody’s wish list.
In the first quarter of 2020 we were hit with the unexpected – COVID-19.
Most analysts predicted the residential real estate market would grind to a halt. Boy, were they wrong!
While many industries have been devastated as a result of COVID-19, real estate is definitely not one of them – especially here in the Puget Sound.
Mark Fleming (Chief Economist for First American Bank), had this to say:
“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.”
He went on to add that the housing market is “exceeding pre-pandemic levels.”
Typically, the Puget Sound has a very, very strong spring housing market. The summer market that follows Is usually slower, with sales picking up again in the fall.
However, because of COVID-19, this year we saw a slower spring, with a large spike of activity in the summer. And that’s continuing into the fall. In fact, ShowingTime (a company which schedules and tracks buyer activity) announced buyer showings are up 61.9% nationally over the same period in 2019.
Coupled with record low housing inventory, that creates two key opportunities for sellers:
- Elevated prices
Any time inventory is at a premium, buyers are forced to pay more than they would in a buyer’s market or a balanced market. Right now, demand is very high, and supply is very low. This scenario leads to the possibility of buyers competing for your home, creating a situation where you can take advantage of multiple offers. Which leads us to the second point …
- Improved terms
These market conditions lead not only to higher prices, but also may allow you to set additional terms that could be to your advantage. Need to stay in your house rent-free after closing? Hoping to avoid deal-killing inspections? Wishing your buyer would waive their financing contingency? All of these issues can often be resolved in your favor in a low-inventory/high-demand real estate market.
However, as with all good things, current market conditions won’t last forever.
If selling your home for top dollar, with great terms, is important to you, the time to act is now – while your negotiating power is at its peak.
Don’t miss this opportunity! As more sellers decide to put their homes on the market, supply will increase. While demand may remain high for a while, over time the market will begin to balance out – and your opportunity to maximize profits will diminish.
If you’re interested in taking advantage of this market let’s talk now so we can get your house on the market at the best possible time for you to maximize your opportunities.