Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to change and when the economy will turn around. If you’re trying to figure out what’s going to happen and how to play your cards this year, you’re not alone.
This spring in the 2020 NAR Flash Survey: Economic Pulse, the National Association of Realtors (NAR) has been tracking the behavior changes of homebuyers and sellers. In a reaction to their most recent survey, Lawrence Yun, Chief Economist at NAR, noted the beginnings of a turn in the market:
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
Sellers are positioning themselves to make moves this year. More than 3 in 4 potential sellers are preparing to sell their homes once stay-at-home orders are lifted and they feel more confident, which means more homes will start to be available for interested buyers.
Just this week, Zillow also reported an uptick in listings, which is great news for the health of the market:
“The number of new for-sale listings overall has shown improvement, up 5.9% last week from the previous week. New listings of the most-expensive homes…are now seeing the biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more confident because of improving buyer demand, as newly pending sales have also jumped up during the same period.”
The recent pandemic has clearly impacted buyer preferences, showing:
If you’re thinking about putting your house on the market, let’s connect today. There’s a good chance an eager buyer is looking for a home just like yours.
How many times have you driven by streamers flying on a sign that says : “Brand New Construction! Models Open Today!” Of course you want to see the model homes--they are always so beautifully decorated and you can get some great ideas. Plus, it is good to know what the home values are doing in your area. Why not stop in?Read More
The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.Read More
One happy day your agent emails you that the perfect house has come on and she can get you in to see it that very day. You go, you love, you WANT this house! It is just renovated enough to be move-in but not too much to be out of your price range. Seems to be in good condition—the seller is a fastidious engineer. But your buyer’s agent knows that you don’t want to overpay. Homes recently listed are not likely to go for a huge discount. The sellers want to see what interest they get and will seldom accept an offer much below asking price in the first week or so. How to navigate all of that?Read More