By Brittany Howard
Are you wondering if it is a good idea to sell your house right now? The answer may not be what you’re expecting. There is a lot of uncertainty in the market because of the COVID-19 pandemic and its economic effects. Let’s take a dive in to how it’s affecting seller’s in the real estate market.
2019 was a hot year for real estate sales and 2020 promised to be even better. The CABR’s Sales Press Release noted that in the first three months of this year sales were up 4.45% and in March home values continued to rise an additional 13.12 % over March last year. Low inventory and able buyers paired with attractive interest rates continued to bolster a healthy seller’s market.
Enter COVID-19 and now the world is on hold. Or is it? The number of homes sold in Ohio actually rose 6.5 percent in March from a year ago according to Ohio REALTORS. I have multiple buyers who are frustrated with the current lack of inventory and have heard the same from other agents. The real estate market does not seem to be waiting for the virus to run its course, so why are you?
According to an article published by the NAR, new listings are down overall 40% from this time last year. Some areas of our country have even seen new listings decline over 80% according to Realtor.com. So, what does that mean for you? A lot less competition and eager buyers! Right now, the median days on market for an average single-family residence is 9 days. Things are still selling and fast. No one knows when life will get back to normal. However, as things continue to calm down, more and more seller’s will be listing their homes and the buyer will have more to choose from.
Obviously, safety is the number one concern. Real estate is an essential business and we have adapted to this new work environment. There are very specific safety measures that we have put in place to keep our clients safe while still being able to conduct business and sell your home. Call us today to learn how we can provide some certainty in your selling process in these uncertain times.