I’ve heard that question a lot over the past few months, and honestly, my answer is different now than it was when this all started. Back in early February, the real estate industry was riding high on record winter sales and charging full steam ahead into spring—prime home selling season.
*Cue record needle scratch.*
Then everything changed. And the future of the real estate market was, well, unknown.
As the virus tightened its grip on the country, many prospective sellers were a little nervous to list their homes. In fact, a mid-March survey conducted by the National Association of Realtors® (NAR) had 48% of real estate agents noting a decrease in buyer interest compared to a year ago. Combine the decline in potential buyers with all the general uncertainty, the real possibility of an economic recession, and a bevy of new obstacles when listing, marketing, and selling a home during a nationwide lockdown, and it’s no surprise home sellers had trepidation.
Home Buyers Are Driving the Economy This Summer
Fast forward a few months and it’s clear that we’ve had some time to adjust. As the economy has slowly begun to reopen and add back jobs by the millions, the majority of economists agree the recovery has already started and will continue to improve into the third quarter. The best part? NAR’s latest pending sales report saw a 44% monthly increase in homes going under contract. Home buyers are officially back helping drive the economy forward which is leading to a white hot market for home sellers.
According to Realtor.com’s latest housing data report:
- National inventory is down 27.4% year-over-year (YOY)
- The inventory of newly listed properties declined by 19.3% YOY
- The June national median listing price was $342,000, up 5.1% YOY
You don’t need to be a statistician or data scientist to deduce the meaning of those bullet points…There’s a big disconnect between supply and demand in the housing market right now.
The shortage of inventory compared to the number of interested buyers is pushing home prices up, creating bidding wars, and leading to multiple offers for many listings. All great things from the home seller’s perspective.
Good News For Colorado Springs Real Estate
Ultimately, it’s really the local market that dictates whether it’s a good time to sell your home, and through it all, Colorado Springs real estate has remained hot and is showing no signs of cooling off.
I’m blessed to be a realtor and pursue my passion in one of the country’s most beautiful cities. Being a Colorado Springs native, I can tell you that all the beauty and active lifestyle options here have some wonderful advantages for real estate: there will always be a desire to live in this amazing town, and there will always be a strong demand for any available home inventory.
Now is the Time to Get Your Home Ready to Sell
Yes, the pandemic continues to be a major concern for all Americans. It will be on our minds, impacting our behaviors and influencing our decisions, however, as more people continue to return to work, the number of interested home buyers is only going to increase. And when real estate demand is high and supply is low, it’s the perfect time to sell.
If you’ve been thinking about selling but are concerned about the present timing, I can assure you that there may never be a better time to get top dollar for your home. Sure, the process may be slightly different, but that’s where an experienced realtor comes in!
Given the current climate, things like online listings, professional photography, innovative marketing, next-level staging, and having a network of trusted partners are increasingly critical for a speedy home sale. Pandemic or not, those are all of the areas where we excel.
Park Avenue Properties of Colorado Springs has been successfully staging and selling homes for more than 20 years, and just like you, we’ve had to adapt and adjust a little in 2020. Through it all, though, we’ve remained on top of the evolving processes, stayed ahead of the trends, and are ready to help you quickly and efficiently sell your home.