If you’ve read my e-book, “The Divorce Real Estate Manual”, then you know that the best time to sell real estate will always be right now, when you’re ready to sell.  This is because the costs of holding on to real estate in terms of mortgage, utility, and tax payments, are usually more than what you’d expect to make in appreciation.

Still I find that many homeowners are hesitant to take that advice.  They feel that, if they could only time the market, they would make a lot more money.  There is a misperception right now that real estate is not selling.  That couldn’t be further from the truth.

In the last two weeks of April, we’ve seen a total of 1626 homes sell or go pending.  At this same time in 2019, we had 2729 homes sell or go pending.  Now certainly that’s not the same level of activity that we normally see during the spring.  However, market activity is only off about 1/3 of it’s normal level.  If homes were not selling during all of this, we’d see a lot greater drop off in market activity.  The kind of fall-off we’re seeing right now is more comparable to the typical fall off we see during the fall or winter.

Furthermore, there are some good reasons to expect that home sales will be moving briskly in the coming weeks and months.  According to showing data, buyer activity has ticked upwards significantly in the past week.

SHOULD I WAIT UNTIL AFTER COVID-19 TO SELL MY HOUSE?

 

Also, many economic models suggest that we can expect a surge of consumer activity as well as we approach the 3rd quarter.  This reflects the general feeling in our industry that buyers and sellers are not falling out of the market, but rather delaying their decision until it became clear that the stay at home order would be short term.

SHOULD I WAIT UNTIL AFTER COVID-19 TO SELL MY HOUSE?

While this is good news, and may make you want to hold on until Q3, remember that the above is just a projection.  We don’t know how much the market will recover, and whether that will help you get a higher price, sell faster, or both.  My advice for my sellers has therefore been to control what you can control.  We can’t time the market, but we do know now is that every indicator is pointing to an increasingly strong seller’s market in the coming weeks.  Therefore it’s a great time to sell.  So if you’re ready, you should do so.

If you want to talk more about buying or selling in today’s market, please contact me at christianpeterson@kw.com or 612-269-1902.  I’m happy to talk with you!