With the global pandemic causing many home sellers to put their listing on hold or to take it off the market completely, right now is actually a great time to put your house up for sale. Although, COVID-19 caused weariness, it has actually not affected the market in a negative way like many thought was possible. Here are five reasons to pull the trigger and sell your home now.
1. Demand is High
The market has more demand than ever right now with not less people selling and more people looking to buy. With the pandemic, many people have resisted listing their home, making it more of a challenge for those looking for their dream place. Plus as more millennials join the market looking to buy for a growing family or a young professional purchasing their first home, there is a growing demand that is just going to continue into the upcoming months.
Lastly, as people transition to working or learning remote, their current homes may not be working in obvious ways that they didn’t see before, increasing the likelihood they look elsewhere.
2. Less Competition
Just as less people willing to list their home has increased demand, it has also made the market have less competition. There are still buyers looking to buy and with fewer options to look at, your home has less competition to worry about and a better chance to be seen. Fewer homes on your local MLS means the chances of your home being seen online increases. Plus it also helps your real estate agent market your home and identify what your home may have that is missing in the limited inventory and increase your chances of quick sale or bidding war.
3. Great ROI
As mentioned above, times when the market is low in inventory can cause buyers to go into bidding wars on the home they like. If a buyer has been struggling to find the right place for themselves or their family, and they finally do, oftentimes they are willing to pay above asking price and engage in a bidding war to ensure they get the sale.
Listing your home now can give you a return on investment that not all home sellers are lucky enough to get. Many major markets and the smaller markets as well have seen lots of listings go for above asking price because buyers are struggling to find options. You can then take your earnings from the sale and reinvest, making an upgrade to your living situation.
4. Low Mortgage Rates
One positive thing that has come with the pandemic is low mortgage rates. Banks and other lenders are offering better deals in order to compete in the market. Low rates encourage homeowners to think about taking advantage of the deal and buying a home while the economy is still in their favor. Overall, there is no better time to receive a mortgage loan.
5. Virtual Tours
Many times homeowners aren’t sure they have the time to get their home ready for a sale, with the possibility of renovations or the constant upkeep needed for showings. With COVID-19 making virtual tours and virtual home buying much more accessible, you don’t have to worry about having your home spic span 24/7 in case your real estate agent wants to come over with potential buyers.
Virtual tours also give you more time to do the photos and video all at once, and then start fixing any small renovations to the home that you can highlight if buyers decide to come for a socially distanced in-person tour after seeing it online.