Is the time to sell Now?

Is the best time to sell is when inventory is low in Fort Lauderdale

In a recent survey home sellers were worried that their home won’t sell because of the pandemic and the current recession worries.  Of those worried more than half indicated they were “seriously worried.”     Being worried is reasonable considering the uncharted future, but the current data is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

 National Association of Realtor (NAR)  just revealed that 340,000 single-family homes sold in this country last month. National Association of Realtor (NAR’s) most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. 

ShowingTime reported that appointments to see homes (both virtually 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 Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes dwindling, purchasers are again finding themselves needing to outbid other buyers. National Association of Realtor (NAR) noted in a recent post

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Take Away

If you’re thinking of selling, don’t be worried about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Tom Wolf is a Fort Lauderdale Realtor and team lead for the Tom Wolf Team and Re/Max Experience.

Photo by ?? Claudio Schwarz | @purzlbaum on Unsplash

 

Photo by ?? Claudio Schwarz | @purzlbaum on Unsplash