If you’re considering selling your Huntsville home, but aren’t sure if now is a good time, the answer is, YES! Even though buyer interest ebbs and flows throughout the year, there is never a wrong time to sell when you have the right real estate team behind you. Given the current real estate market conditions, it is an ideal time to sell a home.
In the real estate market, there are periods of the year that are busier and see more buyers. Listing during a season when activity is traditionally slower doesn’t mean your home won’t sell or will linger on the market. The main reason for this is the Huntsville real estate market. We are experiencing:
- Sustained demand from home buyers
- Low available inventory, especially in some price points
- Consistent increases in median sale prices
- Persistent low mortgage rates encouraging people to buy or resize.
What about the coronavirus?
In the initial weeks of the novel COVID-19, real estate activity did significantly slow due to shelter-in-place orders and general economic disruption. However, the ongoing pandemic actually hasn’t impaired the real estate market. Sales activity rebounded as the stay-at-home orders lifted.
Demand and low inventory were the overarching factors before the coronavirus. Now it may be an even better time to sell because the pandemic resulted in:
- Fewer homes available on the market. Some homeowners once considering listing are choosing to hold onto their properties as a safeguard against further economic disruption. Other homeowners may fear exposure to the virus from letting real estate brokers or home buyers into their home. Either way, they see now as a poor time to sell.
- An uptick in sales activity. The shelter-in-place orders slowed down spring sales activity. Pent-up buyer demand resulted in a dramatic market rebound late in the second quarter of the year, and that demand remains sustained.
- Construction lags. New construction has been behind buyer demand for some time. There simply isn’t enough housing units to meet buyer demand. The coronavirus paused current housing projects and postponed others, increasing the housing pressure.
- Increased median sale prices. The National Association of Realtors (NAR) found single-family home prices rose during the first quarter of 2020 despite the spread of COVID-19 impacting businesses. Remember, the housing market has rebounded since then. In some cases, the median asking price is higher now than before the pandemic.
Listing your home today
All these factors are good news for homeowners who do choose to list. When housing inventory is low, but demand is high, sellers command better prices.
With the right representation, you can safely list your home and command top dollar. Talk to Amanda Howard Sotheby’s International Realty about how we are supporting home sellers in the wake of COVID-19. We transact real estate using the latest technology to reduce risk for homeowners, buyers, and our agents.