Hello & Happy August! In scouring market news for you this week, I could not help but agree with a word that Realtor.com used to describe the current market: strange. In a time marked by such economic turmoil and global health challenges, the housing market has hit some big milestones – and that equates to big opportunities for sellers. It is understandable that many potential sellers have hit the pause button given these uncertain times – but the pandemic has solidified one certainty which is that home is now more important than ever. Buyers now outnumber sellers in the housing market, creating demand and home price gains that exceed pre-pandemic levels.
If you have been thinking of selling, check out the 6 reasons why NAR® declares that “In Spite of It All, Summer 2020 Is a Great Time to Sell Your Home.” You can also view the video with commentary by NAR® Chief Economist Danielle Hale HERE.
#1: Buyer demand is back – with a vengeance. Demand is strongest in suburbs and smaller, cheaper cities on account of remote work trends.
#2: Home inventory remains at an all-time low (27% lower than a year earlier as of June 2020).
#3: Prices are up on account of the supply and demand imbalance. Nationally, home prices are up 7.7%, surpassing pre-pandemic prices in many areas.
#4: Low interest rates are motivating buyers and making moving-up more attainable!
#5: Slow signs of economic recovery are on the way and jobs are slowly coming back, which creates consumer momentum for purchases such as homes.
#6: People’s needs have changed on account of spending an increased amount of time at home. Needs such as more square footage, a dedicated home office and outdoor space are now more important than ever.
RELATED RESOURCE: Be sure to check out the Housing Market Recovery Index for data calculated per week; there is also the capability to filter the stats by several Bay Area metros.
If you would like to re-evaluate your own plans to sell and transition into a better lifestyle or home for your own current needs, please do not hesitate to reach out!
All my best,
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS,
REI, AHWD, RSPS, MSLG
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/