Why You Shouldn’t Wait to List Your House
Updated: Aug 29
This year COVID-19 has devastated many industries from theeconomic standstill. Real estate however is not an industry effected by this current climate. Dr. Frank Nothaft, Corelogic Chief Economist says this: For the first 6 decades after WWII, the housing sector led the rest of the economy out of the recession. Expect it to do so this time as well. Should you wait to list your house? Odeta Kushi, deputy chief economist at title insurance company First American, explained it in this article: “House prices clearly declined significantly during the Great Recession, but in other modern recessions, house price appreciation hardly skipped a beat, and year-over-year existing-home sales growth barely declined,” Kushi said. “The reality is home prices and existing home sales don’t necessarily decline just because of a recession. In fact, the housing market actually benefits in one specific way during a recession: Monetary policy is usually eased to boost the economy, often leading to falling mortgage rates, which increases consumer homebuying power and makes homes more affordable.”
I’ve had many conversations with potential home buyers and sellers wondering if we’re on the cusp of a housing bubble. Wondering if foreclosures and short sales are going to start happening. Of course, I don’t have a crystal ball.. but looking at all the leading indicators of our housing market, every expert suggests the market will remain solid for many more years.
Going into Fall, buyer demand is still going strong. ShowingTime, which tracks market stats, recently announced that buyer showings are up 61.9% compared to this exact time last year. Also, in the reading it goes on to say that “Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”
Here is why you should not wait to list your house.
According to Keeping Current Matters, purchasing demand is so large that the market is running out of homes for sale. With that being said, fewer homes have been listed compared to 2019. Leaving a huge hole in the housing inventory. Home sales are skyrocketing, meanwhile housing inventory is dropping dramatically. As the demands for homes go up homebuilders are increasing construction, but in no way can keep up.
What does that mean for you?
If you’re thinking about putting your home on the market, don’t wait. With demands high and supply limited you as a seller can always negotiate the best deal.
In 2021, with the pandemic hopefully behind us. I foresee many more properties coming to the market. Don’t wait for that increase in competition. Now is the best time to sell your home.