Buyers wanting to Buy

Because of the COVID-19 pandemic, many sellers are waiting until the dust settles to list their home. This has created a historically low inventory for homes on the market. But the virus may have an unexpected impact on buyers. According to LendingTree, 53% of homeowners are more likely to buy a home in the next year. Respondents stated the reason for buying a new home is because they are tired of the small home they live in currently and they don’t care where they live since they now work remotely.

Open Houses

Many people are even saying they are ready to attend open houses again. A survey from the National Association of Realtors found that 65% of people who attended an open house within the last year would do so now without hesitation. This is signaling that many buyers are ready to purchase.

Historically Low Inventory

Looking back to 2008 and 2009, there was 10 months of housing inventory on the market. Currently, there is only about three months of inventory available. Chris Stuart, CEO of Berkshire Hathaway HomeServices, says that inventory shortage is “the biggest pain spot at the moment as a result of the pandemic.” Because of short supply, many markets are heating up. This could potentially lead to bidding wars similar to last summer.

Now is a great time to list if you are a seller. Recently, 3 of my listing in the $380,000-$650,000 price range have gone under contract less than 4 days! Please contact me if you are looking to sell now or know someone that is.

Source: HousingWire