Spring and summer are usually the busiest seasons in the housing market. But when our lockdowns began happening in March, many Americans decided to hold off on selling their homes. As we learned how to negotiate this “new normal”, buyers came back to the market in droves – and they keep coming. In fact, while fall and winter are usually slow seasons for real estate this year is shaping up to be totally different. So the question remains – should you sell your home this winter?
There’s a shortage of homes for sale
One big factor when considering whether or not to sell your home is to look at the competition. If there are many homes on the market, then you’re going to be competing against all those other homes. But this year, we’re seeing record-low levels of inventory. Sellers have not returned to the market at the same rate that buyers have. This means you’ll have less competition, and it will be easier for your home to stand out. That’s definitely a plus.
There’s strong demand
As we stated above, buyers have been flocking to the market. Historically low interest rates and a need for more space have encouraged more Americans to shop for homes right now. When demand from buyers is high and there is a shortage of inventory that means we’re in a seller’s market. The best time to sell your home is in a seller’s market.
Current homeowners want to upsize
Many first-time homebuyers are entering the market, looking to get away from urban centers and city living. But it’s not just first-time buyers that are getting into the market. Record low interest rates make upsizing much more attractive to current homeowners. By using the equity in their homes, they can buy larger, more expensive homes and still make the same monthly payments.
Home values are going up
You want to sell your home when you know you’re going to get a good price. Well, the good news is that home prices are continuing to rise. And experts predict that home prices will keep rising for the foreseeable future. If you know that you’ll get a good return on your investment, then it can be an excellent time to sell.
People are still isolating
According to the experts, we may likely see a second wave of the pandemic in the fall and winter months. While we’ve had the summer to enjoy ourselves outdoors, in many places in America winter is a time to stay inside. Those who are working from home or going to school online need more indoor space. The need for more space during isolation is fueling the market, making this winter a great season to list.
It’s easier than ever to sell your home virtually
Finally, you don’t have to worry about germs when you sell your home this winter. It is easier than ever to sell your home virtually. Buyers have been browsing, touring, and even closing on homes from the comfort of their couches. This can give you the peace of mind you need if you need if you plan to sell this winter.