Best Winter Home Selling Season on Record
December in the Real Estate industry is a time of year that most agents are working on their continuing education, networking with past and future clients, and spending downtime with their families. In 2020, this will not be the case. Lawrence Yun the Chief Economist for the National Association of Realtors is predicting this Winter Selling Season to be one of the best on record. The late start to the Spring Selling season coupled with Low Inventory, Record Low-Interest Rates, and a need for more space is fueling this record Winter Season in the middle of a Pandemic.
More Buyers Than Sellers
The pandemic left some home sellers timid about listing their homes because of safety and exposure to COVID-19. This has created a volatile Seller’s Market in the Nashville Area as more and more Buyers are hitting the market. The Proposed Nashville Area 34% Property Tax Increase has renters and owners scrambling to the suburbs to find more affordable housing. This along with the current Tech Boom from Amazon and Facebook has put a strain on current Inventory levels.
Home Prices Going Up
Low Inventory and the cost of building materials is creating a tremendous surge in home prices. Record Low-Interest Rates are helping offset these higher prices for now. The rate for a 30 Year Fixed is currently at 2.78% and a 15 Year Fixed is 2.32%. Even with the surge in price homes are selling within days and with multiple offers. Home Sellers need to take the advice of their agents on when to accept the first offer. It’s quite possible you could leave money on the table.
Selling Your Home During the Pandemic
Are you thinking about selling? If so, here are a few things you need to do to take advantage of the current market. Your Home must be Move-In Ready when it hits the market. Buyers are more willing to pay Top Price when no repairs or improvements are needed. A Virtual Home Tour will allow more buyers to view the home without having to come out and risk exposure to COVID-19. Afraid to sell your home due to exposure, but you have to Sell? My advice would be to do an Open House over a weekend and then have your home Chemically Cleaned for around $300. You have an excellent chance at having the house sold during the Open House. I’ve had several homes this year we have fogged prior to my Buyers moving in.
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