Why NOW is the right time to put your home on the market!

We are living in strange times. Between the continued threat of the novel coronavirus, and an economy that is slowly making a come back, it's no surprise that many who may have hoped to sell their home this season are wondering whether to put those plans on hold—or they've already given up on the idea.

This is understandable, but the irony is that, after examining the real estate market, right now is probably one of the best times to sell your home. I just spoke with friends from a title company and I was told that July 2020 was a record breaking month for them.

If you are a home seller, I am here to give you some positive news!  The real estate market is still going strong, so don't give up hope!  Check out some of the reasons that now is a great time to sell your home below. 

1. Home buyer demand is going strong!

In the beginning of the pandemic  people were having to quarantine, but now that restrictions are easing up, people are out looking at homes to purchase. 

According to the National Association of Realtors®' Pending Home Sales Index (a forward-looking indicator of home sales based on contract signings). In May,  pending home sales shot up 44.3%—the highest month-over-month jump since 2001, when the index began.

Demand is high right now, mostly in the suburbs and less expensive cities. Many people are telecommuting and may continue to do so in the future, which will allow them to move to areas that they would not have normally considered, and they can have access to more affordable housing. 

2. Home inventory is very low

Due to the fact that sellers are afraid to list their homes right now, inventory is very low.

There was a shortage of homes last year, and the shortage is even worse for home buyers this year. 

Housing inventory in June was 27% lower than a year earlier.

Part of the reason for the inventory shortage has nothing to do with Corona Virus.  Studies have shown that people are living in their homes longer than they used to, possibly for 13 years are longer, before they are ready to sell.

3. Mortgage interest rates are low 

Buyers are looking at homes in massive numbers, partially due to the fact that interest rates are so low. 

According to Freddie Mac’s July 2 report, average interest rates recently reached a new record low of 3.07% for a 30-year fixed-rate mortgage. This means people will be spending less over time on their home, and this also makes the monthly payments lower, which is attractive to home buyers. 

Due to the low inventory and high number of buyers looking to purchase a home, many homes are getting multiple offers and are only on the market for a very short time.

4. Home prices are up

Demand for houses are high, and inventory is low, this is always a great Scenario for home sellers. 

According to the National Association of Realtors , single-family home prices increased in most markets during the first quarter of 2020. The national median single-family home price increasing 7.7%, to $274,600.

I'm sure that this unexpected good  news may come as total surprise to some home sellers, especially considering everything that is currently going on in the world.