Is selling now a good idea? Are there multiple offers? Are buyers everywhere? Are you concerned about selling your home in this market?
Watch to the end and I’ll tell you. Hi my name is Paula Quinn, your local realtor with RE/MAX Central right here in Central Minnesota.
In a recent survey of home sellers by Qualtrics, 87% of sellers said they were concerned that their home won’t sell because of the pandemic, and resulting economic recession. Of those same respondents, 51% said that they were seriously worried. Those concerns certainly seem reasonable, considering the current condition of the economy, but the data, however, is showing that home purchases are still very active. Despite the disruptions that American families have experienced this year.
The latest existing home sales data published by the National Association of Realtors revealed that 340,000 single family homes sold in this country, last month alone. N.A.R.’s latest pending sales report, homes going under contract surpassed last month’s number by over 44%, which far exceeds the analyst’s projection. Showing Time reported that appointments on listed homes for both virtual and in person, have increased in every region of the country, and are up 21.4% nationwide over the same time last year. While buyer activity is surging, the number of listings has fallen to an all time low.
Zelman and Associates in their latest residential real estate report revealed that housing inventory, as a percentage of households has fallen 20.2%, which is half of the long-term average, and lower than any other time in history. Bidding wars are heating up again with buyer demand growing, and the supply of available homes shrinking. Purchasers are finding themselves needing to outbid other buyers.
The National Association of Realtors in a recent blog post revealed on average, there were about three offers on a home that closed in May, up from about two in April of 2020, and in May of 2019, 2.3 offers. Bidding wars guarantee that houses sell quickly at a price near or even slightly over the listing price.
Bottom line, if you’re thinking about selling, don’t be concerned about selling your home in this market right now, there’s no better time to sell an item than when the demand for it is high, and the supply is low. It’s exactly at that time that you negotiate your best possible deal.
If you have any questions about selling your home, please reach out to me. Remember, I want you to love where you live. Paula Quinn, your local realtor with RE/MAX Central. See you soon.