Thursday, October 15, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
The real estate business is one of the few bright points in our economy during the Covid-19 pandemic. With food services cut to 25% capacity, events and group entertainment shut down to all but ZOOM meetings, and retail activity limited to Amazon Prime, real estate is the one star continuing to shine growth numbers into the economic mix.
According to Mark Fleming, Chief Economist for First American, “Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.” Which is why NOW is the time to put your home on the market.
The number of buyers looking for Hudson Valley properties is still strong. Instead of slackening in September and October. ShowingTime, a company we use which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year.
The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically.
Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.
Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell. Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.
To find out more about selling your home, or for more information, CONTACT US.