Is Summer 2020 the Best Time to Sell Your Home?

Posted by Concierge Van Wig & Associates on Monday, June 29, 2020 at 9:18 PM By Concierge Van Wig & Associates / June 29, 2020 Comment

If you’re thinking about selling your home right now, you’re not alone – and for good reason. Some experts are saying that Summer 2020 is the best time to sell a home in the U.S., and conditions haven’t been this favorable for sellers in decades.

Here’s why.

Is Summer 2020 the Best Time to Sell Your Home?

With the coronavirus pandemic in full swing, some economists and other experts are saying it’s a great time to be a seller. That’s because there are far more buyers in the market than there are sellers – and this is happening all over the U.S.

Some of that could be due to the fact that when people are stuck inside, they realize that their current home just isn’t cutting it. And if more jobs trend toward work-from-home, which many experts think they will, people will want homes to match their new lifestyles.

Other reasons it’s great to be a seller include:

Inventory is low and demand is high
Home prices are higher than normal
Mortgage rates are at record lows

Let’s take a closer look at each of these.

Inventory is Low and Demand is High

It’s always good to be a seller when buyers don’t have limitless options. It’s a classic seller’s market; there are more buyers than there are available homes. Even last year, before coronavirus was even a thing, there were fewer homes available than buyers. According to a chief economist at the National Association of REALTORS®, the number of homes currently for sale is at a “generational low.”

Home Prices Are Higher Than Normal

Because real estate is all about supply and demand, home prices are going up – and buyers are still going all-in. Conditions are perfect for sellers to ask for what their homes are worth, and for buyers to be willing to pay. According to the National Association of REALTORS, single-family home prices increased in most markets during the first quarter of this year. The national median single-family home price jumped 7.7 percent to $274,600.

Mortgage Rates Are at Record Lows

Freddie Mac’s July 2 report said that average interests have reached a record-breaking low of 3.07 percent on 30-year fixed-rate mortgages. That means it’s a great time to be a buyer, too, because with rates like those, buyers can expect to save tens of thousands of dollars in interest over the life of a loan.

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If you’re not already living in Lakewood, or if you are but you’re looking for a new home, we’re here to help. Call us right now at 562-882-1581 or start browsing our Lakewood real estate listings to find your dream home today!

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Is Summer 2020 the Best Time to Sell Your Home?