It has been an interesting summer, to say the least. From a looming pandemic that just won’t seem to go away, to an uncertain economy, political news you just don’t know what to believe, and ever-changing rules and money reports. It’s not surprising that many people are sitting back and waiting to put their homes up for sale.
Hesitancy to sell is not uncommon right now and completely understandable. Looking at the current real estate market factors over the last few months, though, many top real estate experts believe this is the best time to sell a home for the last several years.
Home Buyer Demand is Back Bigger than Before
There was a short and fast decline in homing buying at the beginning of the pandemic, especially due to stay at home orders. As lockdown restrictions tapered off, home buyers returned at a record pace not seen for several years. The real estate market is the first to rebound and it is strong all across the country. In May home sales shot up 44.3% the highest month over month increase since 2001. Matthew Gardner, chief economist at Windermere Real Estate has noticed most buyers are looking to live in the suburbs right now.
Small Number of Homes for Sale
Though there are plenty of people looking for homes right now, there are less homes for sale than we typically see on the market. Housing inventory is about 27% lower than it was last year across the nation.
Home Prices are Higher
As the demand for homes increases so do the selling prices of the homes for sale. Homes are being sold for asking price or above and some in a matter of days. In the right towns and neighborhoods, it’s a matter of hours. Listing prices are actually higher now than they were pre-pandemic.
Mortgage Interest Rates are Historically Low
One of the major reasons so many home buyers are looking to purchase homes even though prices are higher is the low mortgage rates making home ownership more attainable.
The Economy is Slowly Recovering
Though the beginning of the pandemic brought on large numbers of unemployment and lay- offs, the rates have begun to drop off. Right now the national numbers are heading back in the right direction and this could mean a larger confidence in people wanting to purchase a home.
Buyer Needs are Changing
People are spending much more time at home right now and what they are looking for in a home has shifted from just 9 months ago before this all started. They are rethinking what it looks like to be at home most of the time and performing tasks like work and school from home most of the time. They are finding their current living situations are no longer as comfortable as they were when most of their time was spent at work and extra activities as well as social events.
Buyers want homes with larger kitchens, more separated rooms with the ability to get a break from the family, a place to dedicate to work, and private outdoor areas to enjoy some fresh air with no rules.
There are still some distancing rules and a little bit of a slow-down for inspections and mortgage closings, but overall there has not been a better time to sell in decades. If you are thinking about selling a home in St. George or surrounding areas now is the time to do it. Contact me anytime for help selling your home quickly for the best price.
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