Sep
16

Debunking Myths in the 2020 Real Estate Market

House model with agent and customer discussing for contract to buy, get insurance or loan real estate or property.

Is now the right time to sell your home? Thanks to the pandemic, we are facing uncertainty in many facets of life. You may be wondering if now is a good time to sell your home. The answer, right now, is YES!

Understandably, home sales were down earlier in the year. However, in May 2020, home sales shot up 44.3%- the highest month-over-month jump since 2001. Now is the perfect time to sell or buy a home (with record-low interest rates). Perhaps you’re still a little hesitant and that’s completely okay. Let’s navigate through some common misconceptions in real estate during 2020 and take a look at what’s really happening.

  1. MYTH: It is a difficult time to sell a home

“… the general sentiment [among some home owners] is that now is not a good time to sell your home,” said Danielle Hale, chief economist at realtor.com. “Yet, so far, the data suggests the opposite-that buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer.” Buyers outnumber sellers which lead to more offers for each listing. And it shows the housing market is hot.

  1. MYTH: Home prices are dropping

Per the National Association of Realtors (NAR), home prices are actually rising. The national median price for single-family homes grew 7.7% during the first quarter of 2020, to $274,600. Why is this happening? Record-low mortgage rates are bringing buyers out of the woodworks. Increasing home prices combined with low mortgage rates are creating a fantastic atmosphere for selling a home.

  1. MYTH: We should wait for a market comeback

According to ShowingTime, which measures showing traffic per residential property for sale by agents and brokers, showings in the United States are up dramatically from earlier in the year. The data shows an outstanding 60.7% increase since July 2019. And homebuyer traffic across the nation continues to grow. The myth that now is a terrible time to buy or sell a home is a misconception across the United States. We can’t be sure how much the market will continue to go up from here, or if and when it might cool off. If you’re looking to sell, now is the time.

For my local clients, I am available to help you buy or sell your home in Northern Nevada, including the Tahoe area. I’m also privileged to be a part of the greatest referral network in the country, so if you are moving into or out of the area I can connect you with someone I know and trust for your real estate needs. Contact me by phone at 775-309-7979 or by email at gingereasley@gmail.com to take advantage of the expanding real estate market today.

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