I am have more and more people asking me if I believe that now is the time for them to be thinking about buying or selling a home in 2020. With everything going on some folks have made the decision to shift their plans or to completely put them on hold for the time being. them on hold for the next few months. The buyers and sellers I talk to are wondering and worry that the market is going to change, and they are also concerned about the economy and when it will turn around. If you are like millions of others out there who are trying to figure out what’s going to happen here is some information that could shed some light on the market for you.
The spring 2020 NAR Flash Survey: Economic Pulse, from the National Association of Realtors (NAR) has been tracking behavior changes of homebuyers and sellers. In response to their most recent survey Lawrence Yun, the Chief Economist at NAR, noted it shows the beginnings of a turn in the market:
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
What does the survey indicate about sellers?
It indicates that sellers are positioning themselves to make moves this year. More than 3 in 4 potential sellers say that they are getting ready to sell their homes once stay-at-home orders are lifted and they feel more confident. This means more homes will start to be available for interested buyers.Just this week, Zillow also reported an uptick in listings and this is great news for the health of the market:
“The number of new for-sale listings overall has shown improvement, up 5.9% last week from the previous week. New listings of the most-expensive homes…are now seeing the biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more confident because of improving buyer demand, as newly pending sales have also jumped up during the same period.”
What does the survey say about buyers?
The pandemic has made an impact on buyer preferences regarding showings:
- 5% of the respondents said buyers are shifting their focus from urban to suburban areas.
- 1 in 8 Realtors report changes in desired home features, with home offices, bigger yards, and more space for their families becoming increasingly important.
- Only 17% said buyers stopped looking due to concerns about their employment or loss of a job.
As I’ve stated before, buyer demand is strong right now. Yes there are those who are waiting for more inventory to become available before they make their move, but we are still seeing buyers making offers.
So, if you are looking to put your home on the market let’s chat. I promise, no pressure or sales tactics, just the guidance you need right now. Plus, there’s a good chance an eager buyer is looking for a home just like yours.