Let’s face it—nobody could have predicted the events of 2020. And if you were thinking about listing your home at some point this year, you may be wondering how a global pandemic and an economic downturn have affected the market.
Believe it or not, there’s never been a better time to sell, especially in the Clayton area—here’s why you shouldn’t hesitate any longer!
Why You Should Consider Listing Your Home Right Now
There are a number of factors that impact how our local market is doing. And despite the chaotic events of 2020, it’s actually a fantastic time to cash out on your equity and move into a new home.
If you’re on the fence about selling your house this summer (or this year!), we have some details you’ll want to know before you make your decision. And if you ever have any questions, we’re only a phone call, text, or email away.
Interest rates have hit record lows
You may have heard that interest rates hit record lows over the last few weeks, but what does that mean for you as a seller?
As of mid-August, rates tumbled to an average of 3.11% for a 30-year loan, which has prompted many buyers to either start or continue to look for the right home. And when more buyers hit the market, it won’t take as long for your listing to go from “for sale” to “sold”!
Of course, low interest rates will also benefit you when buying your next home, which is just another added plus.
Buyer demand has surged since spring
During the spring COVID-19 spike, both buyers and sellers pressed pause on their real estate goals. However, when North Carolina started to loosen restrictions a few months ago, more home-seekers came out of the woodwork once again to resume their searches.
According to the National Association of Realtors (NAR), pending home sales increased by 44.3% in May, which is the highest month-over-month jump since 2001. And in July, we saw another increase of nearly 20%, so these gains are likely here to stay.
There isn’t enough inventory
Although more people are looking to buy a home than ever before, the amount of available inventory has dropped by nearly 30% compared to last year. Many sellers chose to pull their listings from the market back in March, and competition is still fierce among summer buyers. However, trends also suggest that current owners are staying in the same home for much longer than before, which has also contributed to declining inventory.
Having fewer homes on the market creates a golden opportunity for sellers, particularly those who want to get the best price possible. Because the supply of homes has remained low and demand has increased, you could earn more for your home while still selling quickly.
Getting Ready to Sell Your Clayton Home?
When it comes to getting top dollar for your Clayton home, only trust the experts! The Tina Barletta Team has what it takes to help you navigate every step of the home selling process. Just get in touch with us today to learn more—we look forward to working with you!