Have you been on pause waiting for the re-opening of the economy? Are you looking to list your home post COVID-19? Apparently, you’re not alone. According to the National Association of Realtor’s latest economic survey, more than 3 in 4 potential sellers – 77% – are preparing to sell their homes following the end of stay-at-home orders.
A More Balanced Market?
In anticipation of going to market, many soon-to-be Sellers have been busy doing home improvement projects. They are prepped and poised to enter the market. It’s just a matter of time. Could this result in a flood of inventory? Will our market become saturated? Maybe. All real estate is local, and many markets are currently experiencing very low inventory. As such, new listings entering the market may not have a huge impact on pricing. At least not in some high demand neighborhoods. NAR’s Chief Economist Lawrence Yun said, “Plenty of Buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.” If Yun is correct, demand could potentially keep up with supply. Perhaps we will see a return to a more balanced market. One where there is enough demand from buyers to equal the supply from sellers. Perhaps.
Is it the Right Time to List Your Home
It’s hard to predict the future. Who really knows the long-term impact COVID-19 will have on our economy? If you are thinking of selling, obviously wisdom dictates a thorough market analysis of your property. You need facts. Data. Your property is specific. So is your situation. It’s important that you make the right decision for you. But, generally speaking, I do think it’s in the best interest of most Sellers to get in front of the curve. Listing now as opposed to later makes the most sense for those who really need to move. Why? Because all we really know is what we know now. We know that interest rates are extremely attractive. We know that inventory is still relatively tight. We also know that restrictions are easing. And, with the easing of restrictions, we are bound to see more listings. So, why wait? Our economy, at least in Hawaii, is not likely to get better until air travel and visitors return in force. And, that is not likely to happen for a very long time.
So, get the facts about your property and your specific market. Make an informed decision and then do what you need to do. Pausing too long may not be in your best interest. Being proactive will be.