As we enter the third week of May, it appears that any concern that COVID-19 would slow the market as we approach the summer has been unfounded (as I predicted). The spring market is now here, albeit a little later than usual.
The clearest sign that we are into the spring market has been overall showing activity, which has now surpassed the levels we had going into the lockdown in early March. Buyers are out in force right now, most likely prompted to purchase by continued low interest rates.
The issue facing most buyers right now is extreme lack of listing inventory. We’ve had historically low inventory for the past several years. However, heading into May we find this to be even more the case. This is especially true in the so-called “starter home” market, which is the under $300K price range. This price range is always extremely competitive, and it’s been even more so this spring.
I believe that this creates an even more attractive market for sellers to list their home. Sellers will eventually catch on to this trend and start to list their homes. However, smart sellers who are ready to list now can take advantage of this swelling demand and be on the bleeding edge of listings coming on the market post-lockdown. Doing so will create higher sale prices and better contract terms for these sellers.
If you’re interested in talking more about selling your home in this market, please contact me at 612-269-1902 or firstname.lastname@example.org. You can also ask for a free market analysis of your home on my website at https://christianpetersonproperties.com/home-valuation-request/