Trust Properties USA has compiled the following research to help you determine whether now is a good time for you to sell your family home.
This means that there is a higher demand for homes than there is inventory on the market. Even as both demand and inventory fall in response to COVID-19, new listing inventory has fallen by 50%, while seller demand has only fallen by 25%, meaning that there is still a storage of inventory in comparison to demand.
Additionally, 76% of National Association of Realtors members say that they have not reduced price in order to attract home buyers. As a result of the housing shortage, prices have remained relatively stable despite market conditions.
Surge of New Listings on the Horizon
When the economy fully reopens, there will be a surge of new inventory on the market. Sellers who put their home on the market now take advantage of the current tight inventory, giving them an advantage over those who hold off on listing their home. According to the National Association of Realtors, 50% of sellers have decided to put off selling their home for a couple of months, while an additional 9% have decided to put it off indefinitely.
Vacant Homes Have an Advantage
Because of COVID-19, buyers and brokers are much more comfortable visiting vacant homes and inspecting homes during escrow. Additionally, technology allows most parts of a real estate transaction to be done in accordance with social distancing guidelines.
According to the National Association of Realtors, 30% of people believe that all aspects of a real estate transaction can be done while respecting social distancing guidelines, and an additional 41% believe that the risk involved in the aspects of the transition which do require in person interactions can be lessened by wearing gloves and a mask. These risks are lessened even further when the home being sold is vacant.
Trust Properties USA has implemented methods to safely market your home to earn top dollar while fully adhering to social distancing guidelines. The safety of our clients remains our highest priority. Please contact us for a free, no obligation personalized sales & marketing plan for your home!