If you’re like many people, you’ve put off selling your home since the start of the COVID-19 pandemic – but now may be the perfect time for your house to hit the market. Here’s what you need to know.
Is Fall 2020 the Right Time to Sell Your Home in Ellicott City?
Fall 2020 may be the perfect time to sell your home. After a summer full of twists and turns, this autumn is most likely going to be great for sellers. That’s because a number of factors have combined to create a shortage of homes available for buyers – and a real demand for them. Some of the reasons fall may be a great time to sell in Ellicott City include:
- Significant homebuyer demand
- Low home inventory
- Prices have increased
- Mortgage interest rates have gone down
- Buyers’ needs have evolved
Here’s a closer look at each.
Reason #1 to Sell Your House in Fall 2020: Significant homebuyer demand
There are a lot of buyers on the market right now – and while that number is still lower than normal, given the COVID-19 pandemic, the fact is that there are even fewer sellers. More people want to buy than sell, creating a little bit of a vacuum in the housing market.
Reason #2 to Sell Your House in Fall 2020: Low home inventory
A lot of homeowners who were planning to sell this summer decided instead to hold off – and that’s reasonable, because there are too many unknowns during a pandemic. However, now that many REALTORS® have chosen to show homes remotely, people are taking virtual tours, and people are generally feeling more safe about protective measures real estate agents are taking to keep them healthy, you may feel more comfortable about putting your home on the market. Just because there isn’t much competition now, though, doesn’t mean that it’ll stay that way into next year; you may decide to sell between now and winter – but other homeowners may, too.
Reason #3 to Sell Your House in Fall 2020: Prices have increased
Because housing is a supply and demand industry, prices have gone up. That means what you can sell your home for now may be higher than what it would’ve been last year at this time. It also means that when more sellers enter the market, home prices are likely to go down a bit. You may miss out on a profit if you hold off until more sellers put their homes up for sale.
Reason #4 to Sell Your House in Fall 2020: Mortgage interest rates have gone down
We always hear on the news that mortgage rates are “near record lows,” but this time it’s true. In July 2020, Freddie Mac said that the average interest rate was 3.07 percent for a 30-year fixed-rate mortgage, and that is record-setting. That means buyers could save tens of thousands of dollars over the life of their loans – so most buyers find that really appealing.
Reason #5 to Sell Your House in Fall 2020: Buyers’ needs have evolved
Buyers’ needs have changed after being at home during the pandemic. It’s no secret that people have been cooped up in their apartments, condos and houses for months – and that many are looking for more space. Some people need home offices because they’ve realized the kitchen table just can’t cut it, others have realized that there’s not enough space for their families to spread out, and still others know they can buy a bigger house for more money when they’re not living so close to a city (and when you take out the commute-to-work factor, that becomes even more important).
Are You Selling a Home in Ellicott City?
If you’re thinking about selling your home in Ellicott City, I can help. Call me at 443-955-1227 or 410-465-5822 to discuss what needs to happen so you can sell quickly and at the right price!
While you’re here, check out:
- Homes for sale in Ellicott City
- Homes for sale in Columbia
- Homes for sale in Catonsville
- Homes for sale in Owings Mills
- Homes for sale in Pikesville