Did you know that right now is actually the perfect time to sell your home? I know it sounds counterintuitive, but you shouldn’t wait for the pandemic to end before you put your house on the market!
Why do I say that? Well, as a real estate expert, it’s my job to know and understand housing trends. I stay on top of what’s going on in the market and I know how it ebbs and flows. I do this because it’s important to me to give the best advice possible to my clients.
Right now, the stay-in-place order in San Diego has many people stuck at home, and the danger of the wildfires is on everyone’s minds. So with all these restrictions and problems Californians are facing, why is now the best time to sell your house?
Interest Rates Are Incredibly Low Right Now
At the time I’m writing this blog, mortgage interest rates are under 3%. That’s lower than they’ve been in a long time.
That means now is the perfect time for people to buy new houses or refinance their current homes. So if you’re thinking about upscaling, buying an investment property, or relocating, now is the time to do it. (You’ll thank me later!)
And if you’re thinking about selling your home, this news impacts you, too. The fact that this is the perfect time for buyers also makes it a great opportunity for sellers.
Buyers Are Out Looking for Properties
Believe it or not, people are looking right now. Despite quarantine and coronavirus restrictions, the number of showings has increased.
People know the interest rates are low and they want to take advantage of that opportunity.
And here’s where it gets really interesting for sellers—the number of homes on the market is low compared to the demand. So it’s the perfect time for you to put your house on the market and get top dollar for your home.
In fact, home sale prices in California are higher right now than they’ve been in a long time—and that’s despite a slight dip due to the wildfires!
It Won’t Be Long Before Houses Flood the Market
Once the stay-at-home order lifts, many sellers will rush to put their homes on the market. I know this because I have over 20 sellers who are planning to do just that.
Now, realize that there are over 36,000 real estate agents in the San Diego area, and half of them are active. So if even just half of those active agents have sellers who are doing the same thing many of my clients are, then we’re going to face a huge increase of available homes once the stay-in-place order ends.
On top of that, foreclosures in California have been halted until 90 days after the coronavirus emergency ends. Once that hold is lifted, unfortunately, we will probably see a lot of foreclosures start to take place, which will add even more homes to the market.
That rush of homes will certainly take our current seller’s market and turn it into a buyer’s market. So if you’re thinking of selling your home, don’t wait! Take advantage of the market we’re in now before it changes.
I’m Here to Help You if You’re Ready to Sell
If you’re eager to sell your house in the San Diego area, I’d love to help you get top dollar for it! With the help of my team of real estate agents, I can make sure you get the best deal possible for your home.