When one looks at the current state of the world, it is understandable that many people are hesitant to sell their houses. The coronavirus pandemic has led to a wobbly economy, and many people have lost their jobs. However, some experts believe that this summer could be a good time to sell a house. The housing market conditions have been good, and people are still buying homes.
If you are a home seller who has assumed that the summer home-selling season is a lost cause, it is time for a reality check. There are a few reasons why the market could actually be moving strongly in your favor.
It is understandable that home selling went dormant for a while when states were enforcing quarantine and banning open houses in the spring due to COVID-19. However, now that lockdown restrictions are loosening up in some states, home buyers are out in great numbers and many of them are eager to make up for lost time.
The National Association of Realtors’ Pending Home Sales Index is seeing strong signs of a rebound in the real estate market. In May, after two months of decline, pending home sales shot up 44.3% – the highest month-over-month jump since 2001, when the index began.
The recent shortage of available homes has been attributed to a number of factors, including the coronavirus crisis. However, some experts say that the main reason for the shortage is that people are living in their homes for longer periods of time. According to data from the National Association of Realtors (NAR), Americans are spending an average of 13 years in their homes before moving. Additionally, there are fewer distressed properties on the market due to government stimulus support, including mortgage forbearance and generous unemployment benefits.
With more buyers than homes available, sellers are in a prime position to fetch high prices for their properties. This is according to Yun, who says that many sellers can get top dollar in the current market conditions.
This is good news for sellers, as it was initially expected that the pandemic would cause a decrease in housing prices. However, the opposite has occurred, with data from the National Association of Realtors showing that single-family home prices actually increased in most markets during the first quarter of 2020.
The Freddie Mac report for July 2 states that the average interest rate for a 30-year fixed-rate mortgage has reached a new record low of 3.07%. Given that this could potentially mean that homes would cost tens of thousands of dollars less over the lifetime of the loan, it is understandable that mortgage purchase applications have increased since last year.
If you want to sell your house fast for cash, you may want to go a different route than using a real estate agent. You can post pictures and descriptions of your house on social media, including facebook, Twitter, and instagram. You can post classified ads. You can make a free website that features your house. The list goes on. The main thing is to get the word out there.
Now Is A Good Time To Sell Your House!
Real estate agents are currently speculating that home prices will continue to rise through the second half of 2022, so, yes, now may be a good time to sell your house. Something to keep in mind though, since it is a seller’s market, it may be a little difficult to find a new house to buy. If your house is an inherited property and you don’t need a place to live if you sell it, then by all means, sell your house fast for cash!
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