Are you one of the many home owners that are asking should I list my home? Is it time? Can you name one industry that has not been devastated by the economic shutdown caused by the corona virus pandemic? We all go right to real estate. It is now exceeding Pre-Pandemic Levels with it's V-shaped recovery.
Looking at buyer demand we are over 60% higher than last year for showings, according to ShowingTime. FYI, Showing time is an company that most real estate agents use for scheduling showings with the seller/buyer with an app.
Some experts at Realtor.com are saying "400,000 fewer homes have been listed compared to last year." That explains the demand being so high.
Looking at the chart below, NAR Data shows inventory of existing homes for sale has dropped every month May 1,360,000 down to 1,270,000 in August.
According to homebuilders they are maxing out home construction, but they also can not keep up with the high demand. One expert is saying that we have reached an all time record low in months of supply.
What are sellers to do?
Real estate experts believe that a seller will be able to get the best deal for his house during times when demand is high and supply is low. That is today's condition!
If I list my home what happens? First few days of the listing live, if the home is not overpriced, or right on top of a freeway/busy road, etc. You will have multiple showings, and multiple offers within a very small amount of time. One agent reported a home in Avondale, AZ listed around $260k to 270k, had 44 showings and 17 offers in the first couple days. As the price of the home goes up, there will be less buyers, so don't expect this kind of foot traffic in a home that is listed for 2 million dollars.
We can't predict the future, we can make an educated guess about real estate in the future. Some experts are thinking next year when the pandemic is over, we will see more properties come to the market, saying now is the time to list my home.
Don't try to guess the top/bottom, do what is right for your family. If you can make a move to take advantage of the all time low interest rates and move up/down, you have choices.