If you were considering putting your home up for sale in time for the 2020 spring market you could be forgiven for deciding that this was just not your year. For sellers in markets across the country, the ensuing shutdowns put a damper on their plans, causing them to delay listing their homes for the foreseeable future. Now, however, the real estate market has held steady and many new listings stay on the market for just a few days or, in some cases, hours. Here are just a few of the reasons that there has really never been a better time to put your home on the market in order to take advantage of this unique opportunity.
Even before the first days of 2020 and the COVID-related shutdowns that followed, record low inventory was being anticipated in markets all over the country. In fact, for years now municipalities have been struggling with housing shortages. Tight markets have been driving up prices, making it difficult for first-time homebuyers and lower-income buyers to find a starter home. The advent of COVID put those shortages into overdrive.
In a variety of markets, low inventory has become the norm, leading to multiple offer situations and frustrated buyers willing to pay well over asking price in order to secure a home in their chosen community. This issue hasn’t been limited to the most desirable in-town luxury buildings and neighborhoods, either. As more homeowners seek larger homes and outdoor spaces to ride out COVID-enforced shutdowns, even suburban and rural markets are seeing a boost in both prices and demand.
Read more: Why Now Is the Right Time To Sell Your Home