Best Time to Sell Your HomeThe decision to sell your home is difficult. You have to consider major factors like the timing of the sale, the market’s health, and your asking price.

Timing is often one of the most challenging things to decide because of local real estate markets’ uncertainty. However, there are many indications that right now could be the best time to put your home on the market.

According to research by Realtor.com, market conditions are highly favorable for sellers. Furthermore, Zillow says that Tampa and the state of Florida overall are very hot sellers’ markets.

Buyer Demand

Buyers are still interested in purchasing a home. Those who were hoping to enter the market in the early months of the year postponed their plans. Many buyers were nervous about searching for a home until they had some understanding of the COVID-19 pandemic.

However, demand trends show these same buyers intend to buy a home and are simply entering the market later than expected. Demand steadily increased over the summer.

Part of what drives buyers to buy in the current market is the continuing decline in mortgage interest rates. Although interest rates started to climb in 2019, with more increases expected in 2020, the pandemic resulted in pushing interest rates lower. Instead, 2020 has seen some of the lowest mortgage interest rates ever. And, rates are projected to remain low over the short term.

The other notable impact of the pandemic is the shift to working from home. As more people spend time in their homes, many notice their existing homes do not meet their needs, especially the need for a dedicated, comfortable place to work.
As dissatisfaction rises, homeowners are looking to purchase a new home that meets their needs.

Home Inventory Levels

According to data from the St. Louis Fed, the U.S. housing inventory is at unprecedented low levels. While March and April saw normal inventory numbers, there was a sharp decrease beginning in May and continuing through July.

While some of the low inventory numbers could be due to homes being purchased by buyers who didn’t manage to buy earlier in the year, there are no definitive causes known. It’s theorized that part of the low inventory is American homeowners’ trend to stay in their homes longer than before, resulting in fewer homes on the market.

No matter the reason for today’s low housing inventory, it’s beneficial for sellers. With continued buyer demand, low inventory increases the chance that homes sell more quickly and for a higher price.

A significant consequence of the low housing inventory is higher home prices throughout the nation. Sellers are more likely to sell at or above their asking price, with asking prices increasing year over year in most areas of the country.

Economic Stability

There has been a lot of financial hardship in 2020. Many workers were furloughed, and jobs were discontinued. Despite the ongoing pandemic, the U.S. economy is showing signs of strengthening. It’s impossible to predict the future, but many experts believe the economy is already rebounding strongly.

Strengthing economy is good news for the real estate market. If the economy continues to improve, resulting in more workers reinstated as jobs return, people will feel more secure, and the housing market could accelerate.

Choosing a Time to Sell Your Home

There may never be a perfect time to sell your home. Today, however, the real estate market is more favorable to sellers than it has been for years. Sellers may want to consider putting their homes on the market to take advantage of higher asking prices, strong buyer demand, and strengthening economic conditions.

Marimark Realty

Marimark Realty, home to the top Tampa Real Estate Agents, focuses on providing a personalized experience for buyers and sellers of real estate. As a full-service real estate agency, we help clients with luxury homes, homes for first-time homebuyers, commercial property, and investment property.

To begin the journey of purchasing or selling your home, or purchasing commercial or investment properties, contact us at your earliest convenience.