Now is a great time to buy or sell a home and interest rates are at a record low. However, dating back to pre-pandemic housing inventory is low across the U.S. Here in Florida, there is 39.2% less inventory than a year ago. (Source: realtor.com)
You may think that this sounds like there are fews houses for sale when it is the exact opposite. There are houses for sale, but the problem is that they are selling so quickly that they are not able to be counted into current inventory. It is very competitive for buyers right now as there are more buyers than there are homes available on the market.
Daniell Hale, Chief Economist at realtor.com says that homes are selling 10 days faster this year than last and buyers need to make decisions much faster than in years past. Buyers have an advantage in this technological age. There are tools available that allow notifications to be set on websites that alert them when homes that match their criteria come on the market and allows them to be more competitive with other buyers.
There is also the issue of the pandemic that is keeping the inventory low. Some sellers are feeling better about listing their homes now that we are a year into the pandemic, while others are waiting for more vaccine rollout before they put their home on the market.
Today’s market can be a win-win for both buyers and sellers. Sellers can be assured they will probably sell their home quickly and allow them to set the timeline and terms they need for the sale, while at the same time, buyers are able to finance their new home at historically low interest rates, keeping their payments down. So, if you are looking to buy, don’t miss out on the low rates.
Here are some tips that benefit both buyers and sellers:
Safe and Sanitary Procedures: asking potential buyers to wear face coverings, exercising responsible social distancing while viewing, hand washing, and sanitizing surfaces is a great way to keep the home clean for all.
Technology: Virtual home tour, agent-led video chats plus high-quality photos along with paperless detailed listing information is available to help potential buyers see your home more up close in a safe and secure manner.
So….thinking about buying or selling?
Ask about the exclusive advantage of working with Tom and about how to establish a private portal to our local MLS to hear about new listings just as quickly as we do.
Reach out to Tom Davis of the Davis Group at 321-863-2706 or [email protected]