You may be wondering: is now a good or bad time to be buying or selling homes?
As the novel coronavirus pandemic has heightened in the US and has created an uncertain economy with millions of unemployed, many are starting to have second thoughts about selling their homes during this time. According to Danielle Hale, chief economist at realtor.com, the data suggests that buyers are currently outnumbering sellers in the housing market, which means it is better to be a seller than a buyer.
Although the pandemic has “changed” the real estate industry, it has not “stopped” it. In fact, the real estate industry will always be very lucrative, and people will always need a house to live in. According to the National Association of Realtors’ Pending Home Sales Index, the real estate market had a strong rebound from the month of May. After two months of decline, pending home sales skyrocketed 44.3% in just two months, peaking at its highest month-to-month jump since 2001.
Less Competition and Low Home Inventory
An advantage that sellers have during this time is that there is less competition in the real estate market since many sellers are on pause at the moment. Also, with the government’s stay at home order still in place, many potential buyers are passing the time by looking through houses for sale online and may easily fall on your listing. Since there is a low inventory on houses at the moment, home prices are up, contrary to the belief that they have decreased due to the pandemic.
Buyer’s Needs Have Changed
More people have been working remotely and spending more time inside their home due to the stay-at-home order, which in turn, has changed buyers’ needs when searching for a home. “Being locked up at home for three months taught many people that where they live is very important.” says Tai Savet, CEO of Agents of LA, the #1 luxury, celebrity real estate agency in Los Angeles and executive producer and star of VH1’s Love and Listings. Home offices, outdoor spaces and simply having more room have become more important needs to home owners.
Luckily, Tai Savet’s agency is comprised of the finest young group of ambitious real estate agents who are happy to serve you with selling your home. Agents of LA is a unique brokerage firm headquartered in Los Angeles, CA. Being associated with top notch agents enables our agents to offer access to first-rate tools and resources that will aid our clients on their real estate search or sale, allowing them to make confident decisions and ensuring that their transaction closes seamlessly. These agents cater to some of the biggest names in music, sports and entertainment such as Soulja Boi, Jhene Aiko, Ray-J, Mally Mall, the Wonder Family and more.