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    Best Time to Sell? When Competition Is at an All-Time Low

    Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

    In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

    The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

    While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

    Bidding Wars Heating Up Again

    With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

    “On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

    Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

    Bottom Line

    If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

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    Julie Kennedy

    Whether you are searching for your first home, selling a property, looking for a second home or would like to invest in real estate, my dedication and can-do attitude benefits the clients that work with me. I have made a career helping customers in several different forums for over 25 years. Running 2 previous businesses for more than a decade gave me a PhD in teaching, creative problem-solving and overcoming obstacles. I feel that I am very resourceful in getting things done while staying extremely organized I reside in east Clackamas county, raised my family in Sandy and am very familiar with the surrounding areas. The diverse types of properties found in our area are often quite different from those found in a metro area. I am prepared to help you navigate some of those extra factors. Real estate markets are changing constantly so having a professional at your side providing you the right information to make the best decision is important. I believe that while a home is your treasured sanctuary and oasis, it’s also your most important investment, a business decision and a tool in your long-term investment strategies.

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