It is still a seller’s market in our neck of the woods in Franklin County. Prices are inflated and even homes that were sitting on the market long are selling now due to the limited inventory and options for buyers. If you were thinking about selling…now is the time! Check out my page for sellers […]
With everything that is going on, you might be wondering how the housing market is being impacted. It is a good question to have, especially if you are thinking about selling or buying real estate any time soon. So, as you might assume–folks have slowed down their desire to buy or sell due to COVID-19. According to Lawrence Yun, National Association of REALTORS® Chief Economist, “In the latest flash survey, 11% of REALTORS® indicated a reduction in buyer traffic and 7% are reporting lower seller traffic when asked directly about the coronavirus impact on the market.”
Looking back before the outbreak occurred, it was widely a seller’s market. This means that demand for houses is higher than the supply of houses available–which leads to higher prices for the sellers’ properties and not as much room for negotiation for the buyers (there are a number of other factors, but this is the gist of it).
Fast forward to now when things have slowed down. It is evident that it is still a seller’s market. With even less of an increase in the number of homes becoming available, there is even more competition for homes. Although this is true, it is also important to note that there are fewer buyers–so homes may be sitting longer than anticipated.
Currently, it is essential to remember that there are still players in the market right now–buyers and sellers. Real estate has not come to a complete halt, and it will not get to that point. Real estate has been noted as an essential service during this time and those agents that are willing and able to continue working for clients are still doing so.
Looking into the future, I predict that as we continue to “flatten the curve” we will begin to see an increase in homes popping up available on the market and an influx of buyers as well. You see, this virus is keeping many folks in their homes. As soon as people begin getting more comfortable, I think the market will boom (for both buyers and sellers) due to the cooped up supply and demand. Buyers will need to act fast. Sellers will want to be one of the first on the market when this happens. People have been waiting, on both sides, and will be ready to go!
If you want to prepare for when the time comes to sell or buy, contact one of our agents today. Things are happening and people are preparing, do not get left behind!
Hey folks, if you have been wondering if you should sell your house or not, wonder no more! Now is the time, it’s a seller’s market.
According to the Lexington Association of REALTORS®, there has been a decrease in home inventory of 13%. Houses that are listed are flying off the market given the low inventory. Home sales are up from last year about 4%. Buyers have less flexibility when it comes to timing, pricing and options available.
This is good news for sellers! This means you have more power when it comes to getting the most for your home in the market provided. Your next step is to view our Seller’s page, where we provide essential property selling information. If you have questions on any of the material or would like to speak to one of our REALTORS® regarding the selling of your house call us at 502.223.3553 or email at firstname.lastname@example.org.