With the release of the latest Economic Pulse from the National Association of Realtors (NAR), results show that people selling their houses today are holding strong on price. According to the most recent data, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers.
Lawrence Yun, Chief Economist at NAR, noted:
“The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
This inventory shortage, which spread widely throughout the housing market going into today’s economic slowdown, created an environment where there were not enough homes for sale for those who wanted to buy them. With that backdrop setting the stage, Yun also notes:
“With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices.”
So, with buyer choices already limited going into this season, and more sellers removing listings today, if you’ve been thinking about listing your house, it’s a great time to do so. Many others in your neighborhood may be waiting to make a move or removing their listings, so staying on the market – or jumping into it – could work to your advantage.
Buyers today are serious ones, and with prices holding steady in this low-inventory market, you can feel confident about selling today. Embracing the process virually, where available, could help your house hit the top of an eager buyer’s list. While your neighbors miss out on this opportunistic time, you don’t have to. We have also made adjustments to virtual closing during this time and may continue into the future.
If buyer choices are limited in your neighborhood, selling now may help your listing rise to the top of the pool. Reach out to a local real estate professional today to make sure you have the expert help you need to succeed in the selling process.
In a recent survey by realtor.com people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. Sellers are less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?
In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help sellers with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.
So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, a real estate agent can help sellers make your sale happen. Agents know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to the same survey, when asked to select what technology would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:
- Virtual tour of the home
- Accurate and detailed listing information
- Detailed neighborhood information
- High-quality listing photos
- Agent-led video chat
After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed safely. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:
- Limit in-person activity
- Require guests to wash their hands or use an alcohol-based sanitizer
- Remove shoes or cover with booties
- Follow CDC guidance on social distancing and wearing face coverings
Bottom Line If buyer choices are limited in your neighborhood, selling now may help your listing rise to the top of the pool. Reach out to a local real estate professional today to make sure you have the expert help you need to succeed in the selling process.