Since the coronavirus outbreak made its way to the United States in March of 2020, many industries have had to adapt, from restaurants and retail to manufacturing and even real estate. When the pandemic hit the Southeast Michigan area, we had to change the way we do business, switching to virtual home tours, socially-distanced closings and more. But through it all, one thing has always remained the same: the safety of our agents, staff and customers is our first priority. That’s why we’ve implemented guidelines that will help keep everyone comfortable and healthy through this difficult time.
But while 2020 may look different in terms of how we do business, right now is actually a really great time to sell your home! Home prices are up, mortgage interest rates are historically low, and many buyers are excited for a change of scenery.
Today, we’re rounding up a few of the top reasons why right now is a great time to sell your home! When you are ready to begin the process, contact us so we can connect you with our team of local experts and help guide you through the process.
1. Buyers are very active right now
During the beginning of the United States’ COVID-19 pandemic, the housing market slowed down. But after lockdown restrictions began to loosen a little and Realtors began to adapt to the new way of doing business, buyers came back with a vengeance.
In fact, the National Association of Realtors reported that in May, pending home sales increased 44.3%.
2. Virtual tours make it easy to sell
While the coronavirus may have reduced the number of in-person open houses, it hasn’t stopped the ever-popular virtual tours. Many homebuyers already start their search online so it isn’t a surprise that they have been exploring virtual walkthroughs of properties during the pandemic.
And this is a good thing! Virtual tours can actually help you reach a larger number of people than you would with a traditional open house. Luckily, Reinhart Realtors has a virtual tour search that makes it easy for buyers to locate homes in the Ann Arbor area with virtual tours and virtual open houses.
3. There’s less competition
While buyers are back and ready to start searching, many home sellers are waiting to see what happens next. In fact, annual reports from the National Association of Realtors show that housing inventory throughout the USA in June was 27% lower than last year. With fewer homes on the market, sellers will have less to compete with, meaning more competitive buyers, higher offers and faster turnaround times.
4. Home prices are up
Because demand for homes in the area is high and inventory is low, the conditions are perfect for much higher home prices. This perfect combination has caused home prices to rise even higher than they were before the pandemic! The New York Times reports that the national average of home prices is up over 7%. Due to competition, buyers may be incentivized to make offers above asking price.
5. Interest rates are historically low
In August of 2020, average interest rates reached a record low of 2.88% for a 30-year fixed-rate mortgage. So even though home prices are up, this low rate means buyers could save thousands of dollars over the lifetime of the loan. This new information has made buyers who have been considering buying a home finally make the decision to start looking.
6. Curb appeal is better
You know what they say—you only get one chance to make a first impression! Due to the pandemic, we’ve all been spending a lot of time at home self-isolating. This means that while we haven’t been able to go out and do things, we do have a lot more free time to spend on all those long-forgotten home projects—and curb appeal has never looked better!
We encourage sellers to take every opportunity to make their homes shine, and spending time in isolation makes many of these processes much easier. Looking for some home inspiration? Check out our Home Inspiration tab on our blog for articles about the best local home decor shops, DIY project ideas, and so much more.
7. Quarantine has caused buyers to reevaluate their current homes
Since we’re all spending more time at home, many buyer’s priorities have shifted. Home offices, more privacy, outdoor spaces and just more room in general are becoming more important to homeowners—especially those who have gotten used to working from home.
8. It’s a good time to buy, too
Because the market is so active, sellers can enjoy a faster turnaround from selling to buying and moving into a new home. And because the market is active all across the country, this applies whether you’re staying in A2, relocating around Michigan, or moving across the country.
Did we convince you?
If you’ve made the decision to sell your home, give us a call! We would be happy to connect you with one of our knowledgeable agents. If you’re still looking into first steps, check out our helpful Seller’s Guide, which outlines the entire selling process and will help you get pre-approved for a mortgage!