The #1 Reason Not to Wait to List Your House for Sale

Dated: October 15 2020

Views: 225

The #1 Reason Not to Wait to List Your House for Sale

The #1 Reason Not to Wait to List Your House for Sale | MyKCM

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

“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. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):The #1 Reason Not to Wait to List Your House for Sale | MyKCMHomebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

“The months of supply decreased to 3.3 months...This is the all-time record low months of supply.”

What does this mean for sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.

Bottom Line

Let’s connect today to get your house on the market at this optimal time to sell.

Blog author image

Carla Nix

Leading a team of 11 highly skilled and motivated professionals, I am honored to help drive leads to our Buyer & Listing Agents, along with strategically pursuing maximum results for our customers, d....

Latest Blog Posts

Is Homeownership Still Considered Part of the American Dream?

Is Homeownership Still Considered Part of the American Dream?Since the birth of our nation, homeownership has always been considered a major piece of the American Dream. As Frederick Peters 

Read More

What It Means To Be in a Sellers’ Market- Tips From Our Team

What It Means To Be in a Sellers’ MarketIf you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making

Read More

Americans See Major Home Equity Gains [INFOGRAPHIC]

Americans See Major Home Equity Gains [INFOGRAPHIC]Some HighlightsToday’s home price appreciation is driving equity higher throughout the country.If your needs are changing and you

Read More

To Renovate or Not To Renovate Before You Sell

To Renovate or Not To Renovate Before You SellWhen thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However,

Read More