The COVID-19 health crisis brought many aspects of American life to a halt in early 2020. Real estate was not unaffected, though it has remained surprisingly stable. Sales declined fairly steeply in April and May, but have since started to pick back up again, paving the way for a strong summer 2020 housing market, especially for sellers.
The 2020 Summer Housing Market Looks Promising
Social distancing restrictions and business closures led many sellers to pull their homes from the market. Economic uncertainty and fear of the spread of the virus have made even more would-be sellers hesitant to list their homes, leading to a significant drop in overall inventory of homes for sale.
But as the country reopens, the market should start to pick back up. Here’s what’s in store for the 2020 summer summer housing market.
Virtual resources will remain popular
Virtual real estate resources, like virtual tours and online meetings, made buying and selling during stay-at-home orders much more possible than many thought possible. Though all states have begun to reopen and lift restrictions, many buyers and sellers are sticking to the safety and convenience of online searches, tours, and signatures.
If you’re thinking about selling but are uncomfortable with letting buyers into your home, you’ve got options.
Buyer demand is greater than seller supply
The past few months have shown that buyers feel more confident than sellers. Low interest rates and steady prices have made home buying especially appealing, pushing investors to make a move towards making offers. Sellers, on the other hand, have remained more cautious. The result is that total active listings are declining faster than in previous weeks—in other words, buyers are moving faster than sellers.
If you’re thinking about selling your home, now is the time to list. A low-inventory high-demand scenario is ideal for selling quickly and for a high price.
Sellers are needed to maintain a steady market
Strong buyer demand and a steady (but not excessive) inventory of homes are ideal for protecting prices and maintaining a healthy market. And while lower inventory can be healthy for plumping up home values, should inventory fall too low, it can definitely have a negative effect on the market.
It’s time for sellers to make a move! Right now, you can take advantage of high investor demand and low competition. However, should too many sellers continue to wait, the market may not be able to recover—possibly leading to pricing drops.
List Your Triangle Home This Summer 2020
Are you thinking about listing your Raleigh area home this summer? Linda Craft & Team is here to help! Contact us today at 919-235-0007 to learn more about how we can put our 350+ years of combined experience to work for you.