Firstly, the Coronavirus disease (COVID-19) has created volatility and uncertainty. Secondly, this is the expected to be the best real estate market in history. How is this unprecedented health crisis impacting people looking to buy or sell a home this Spring?
How has it lead to an all-time low in interest rates?
Why are the costs of housing commodities dropping?
Can real estate activity (i.e. Open Houses and showings) raise virus exposure?
Contact Us Today, to discuss this current market and the opportunity it raises.
With money cheap to borrow, and a Lack of Inventory, it is the Best Time to Sell, with Proper Precautions. Only 16% of Realtors have decreased nationwide decrease in Buyer Demand. With our 87 Step Marketing and Innovation System, we are adding and adapting with Video Tours to make viewing homes easier.
We have been fully trained on the methods to keep your home safe during the times of NJ Coronavirus Real Estate Market pandemic.
John McLain – Team Leader of the McLain Realty Team of RE/MAX 365
Office: 908-923-4538 Cell Phone: 908-878-9356 Call or text 24/7
Firstly, the number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.
How will this impact buyers?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR),explained how this is good news for the housing market – especially for those looking to buy:
“More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”
How will this impact sellers with New Construction Homes in NJ.
More inventory means more competition. Yun continues to say:
“As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”
Today, because of the tremendous lack of inventory, a seller can potentially anticipate:
A great sale price on their house as buyers engage in potential bidding wars.
A quick sale as buyers have little inventory to choose from.
Fewer hassles as buyers want to smoothly secure a contract.
If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
So, why sell your home this Winter? Less competition.
Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).
Temperatures aren’t the only thing that heats up in the spring – so do listings!In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.
Added Bonus: Serious Buyers Are Out in the Winter
At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.
Finally, If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, let’s get together to determine the best time to list your house.
Ask for more Information in regards to Listing your Home for Sale This Winter with #REMAX365 #McLainRealtyTeam
RE/MAX 365 John McLain McLain Realty Team REMAX365NJ@Gmail.com NJGUARANTEEDSALE.COM