Why should you want to list your home before the Corona virus lock down is over? As a real estate agent, I have been keeping up with how the real estate industry has been affected. What myself and many other Realtors have noticed is that many people are deciding to wait to sell until the lock down is over. This decision to wait is hurting inventory now, by limiting it dramatically, and when the lock down is over it will cause a huge influx that could turn to a buyer’s market and end up hurting sellers.
It is the simple law of supply and demand. If there are more houses on the market than there are buyers, sellers will have to accept less than top dollar and miss out on negotiating for themselves the best price possible. We may have even fewer buyers than normal during this time due to the increased difficulty in obtaining a FHA or VA loan. Thankfully in Utah only 18% of loans were FHA or VA, but regardless, that will bring down the buyer pool in general.
Also, a lot of investors who once were in the market have pulled out, since their down payments were tied into the stock market. So as a homeowner who was thinking about selling in 2020, right now is the best time to do it because we still have motivated buyers and we have lack of inventory going on right now. We still have a good amount of homes on the market, but we don’t have as many as we should at this point of time. Time will tell what will happen for sure, but we do know that buyers are at home with not much to do so the amount of online home browsing is way higher than normal, making it an amazing time to list your home.
If you are interested in selling you house please reach out to me, we are able to do everything online through Zoom but I am also able to meet in person if needed.
