After carefully observing the current housing market conditions, I am certain of these times to continue to be the best times to sell a house in years.
Seller, here are some reasons, why the market could, in fact, be moving strongly in your favor over keep waiting or backing out from this home-selling season.
Homebuyers are out with so much desire. According to the National Association of Realtors®, Pending Home Sales Index (which is an indicator of home sales based on contract signings); since May, we have been in 3 consecutive months of growth.
These growth numbers apply in both month-over-month and year-over-year pending home sales transactions. Indeed, there’s very important demand especially in smaller, suburbs and cheaper cities as employees are letting their employees work remotely for the foreseeable future.
If you have been watching me or following me for the last couple of months I’ve been saying that the number of homes for sale to actually meet this insane demand of homebuyers is at an all-time low.
This low supply or shortage of homes could be associate with the recent virus crisis keeping people at home for a longer time than usual.
According to NAR, Americans stays on average 13 years in their homes before moving. Also, NAR confirms the housing shortage in all 3 south Florida counties, Miami Dade, Broward and Palm Beach county.
This is another factor in pushing home buyers to buy their homes.
According to Freddie Mac’s September 3rd report, mortgage rates have continued even or at near-record lows, for the last month with 2.93% for a 30-year fixed-rate mortgage.
In other words, homes could cost potentially tens of thousands less over the lifetime of the loan, therefore the mortgage purchase applications have jumped like crazy since last year.
If we have a strong homebuyers demand and an inventory down, the conditions are impeccable for home sellers to get top dollars or high prices for their homes.
I’ve been doing for the last couple of months now a monthly market or housing update of our local city. I have seen that the median single-family home price increasing % to $4.
And according to NAR, an increase of 8.5% nationwide with the median home price of $304,000 in July and this is the first time ever that the national median home price breached the $300,000 level.
If you were thinking either that the prices were going to decrease or to hold your home selling process this is good news to you. In fact, the prices right now are even better than before March.
It is no secret to anyone that people are spending more time at home in general plus the ones working remotely, right?
Well this has produced a greater interest in potential buyers since they do not see their current residence comfortable or with the space they need due to the adjustment they have had to make due to our new normal.
The world has changed since the beginning of the year, businesses have realized how convenient it is or not to keep that employee from home or that from 5 days, work from office only 2 days weekly and it seems to me that this has awakened or will awaken great changes in vision in the future.
Studies have shown that (and I mentioned this before) homebuyers are more interested in looking for a home farther away from the cities for an exchange of bigger homes and cheaper areas. Things like outdoor spaces, more room, home offices, gym room, more privacy are becoming more important to homeowners than the commute to the office.
Don’t hesitate to contact me if you are interested to know more about the home buying process or to know how we can do a free virtual buyers/sellers consultation.
Also, If you are thinking about buying or selling in Miami, CLICK HERE or you can call me at 786-376-2398.
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