With the release of the latest Economic Pulse Flash Survey from the National Association of Realtors (NAR), results show that people selling their houses today are holding strong on price. According to the most recent data, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers.
Lawrence Yun, Chief Economist at NAR, noted:
“The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
This inventory shortage, which spread widely throughout the housing market going into today’s economic slowdown, created an environment where there were not enough homes for sale for those who wanted to buy them. With that backdrop setting the stage, Yun also notes:
“With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices.”
So, with buyer choices already limited going into this season, and more sellers removing listings today, if you’ve been thinking about listing your house, it’s a great time to do so. Many others in your neighborhood may be waiting to make a move or removing their listings, so staying on the market – or jumping into it – could work to your advantage.
Buyers today are serious ones, and with prices holding steady in this low-inventory market, you can feel confident about selling today. Embracing the process virtually, where available, could help your house hit the top of an eager buyer’s list. While your neighbors miss out on this opportunistic time, you don’t have to.
And so here's the Bottom Line...
If buyer choices are limited in your neighborhood, selling now may help your listing rise to the top of the pool. Let’s connect today to make sure you have the expert help you need to succeed in the selling process.
« What Impact Might COVID-19 Have on Home Values? »
For More Information about today's real estate market, please feel free to contact me:
(435) 640-1488
Katrina@KatrinaAuthement.com
www.KatrinaAuthement.com or www.LiveTheParkCityLife.com
Free Real Estate Mobile App: Text Utahhomes103 to 32323
Free Home Valuation: www.KatrinasUtahHomeValues.com