If you’re selling your house this fall, here’s what to remember:
- While numerous industries have been deeply impacted by the shutdown of our economy, housing is an exception.
- Economic experts, like Mark Fleming, First American’s Chief Economist, confirm that real estate experienced “a strong V-shaped recovery [that] is now exceeding pre-pandemic levels.”
- Buyer demand has maintained momentum, remaining strong from summer into fall. ShowingTime reports that showings are up nearly 62 percent, compared to last year. Improving indoor and outdoor appeal may make your home even more enticing to today’s buyers.
Because sellers in transition don’t have time to waste: Prequalify for your new home from anywhere.
3 benefits of selling in the fall & not waiting for spring
Spring’s typically when the housing market starts to heat up — but this year has been anything but typical. If you’re ready to make a move, current housing market conditions indicate that there are some key advantages to acting sooner rather than later.
Because:
- Buyer demand remains high. Buyers are still hunting for their dream house, even after the record rebound of summer. Buyers may compete — and continue to engage in bidding wars — to snap up the listings available. “Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August, and into September,” ShowingTime’s report also noted.
- Sellers have less competition. Inventory hasn’t been able to keep up with the surge of demand from summer. A recent NAR Existing Home Sales Report found that there were only 1.49 million homes for sale. This number is 18.6 percent lower than the previous year. Earlier this year, homeowners were reluctant to list because of the health crisis. Fall sellers who list now could get more attention.
- Now’s the time to make an important move. Over the past six months, you’ve probably spent most of your time inside. You, like so many homeowners, might recognize areas where you need more space. This is especially true if you and your family are working or learning remotely. Builders are beginning to produce more inventory, so you could find a newly built or existing home with the floor plan you’ve been looking for.
As a seller, it helps to remember that you’re always going to negotiate the most profitable deal when supply is limited and demand is high. Amazingly, this is exactly what’s happening today. A year from now, when the pandemic is hoped to be contained, an influx of homes will come into the market. But right now, homes are selling two weeks faster.
The simple way to sell your house & save your sanity
Selling soon? With a market this hot, we know your time matters. Prequalify now so you can focus on preparing your house to sell. Once you find a new home you love, we’ll be ready: We can help you close weeks ahead of most other lenders.*
*“Origination Insight Report.” Ellie Mae®, Aug. 2020.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources are deemed reliable but not guaranteed.