Many sellers are considering taking their homes off the market during these uncertain times but now is not the time to do that. Inventory is still at an all time low and there are still more buyers that sellers out there which means we are still very much in a sellers market.
"Real estate professionals told Forbes.com that, for the homes they have listed, they’re reporting unprecedented traffic. And with housing inventory low, sellers could get more attention for their homes than in traditional spring markets where competition can be stronger.
For example, during the week of March 16, the real estate market firm UrbanDigs reported a 279% increase in the number of listings removed from the Manhattan market. In the second week of April, there were only 52 new listings; 157 listings had been removed from the market.
Meanwhile, listing views online are reportedly on the rise, and video tours are growing in popularity as buyers want to view properties for sale online. The listing site StreetEasy reported that the number of listings with video tours—including links to video walk through's --doubled on its website in March as COVID-19 hit the nation in a bigger way.
Potential buyers may have more time to browse listings online, Barbara Fox, president of Fox Residential, told Forbes.com. “I think we will see a pent-up demand from buyers who were poised to move before the pandemic, and still need to move ahead with their plans,” Fox says. “Many buyers are going to look at this as a good buying opportunity, and sellers should keep their properties prominently in front of them.”
Fox isn’t advising her sellers to lower their price either. “Many prices were reduced before this happened, and as activity resumes, there will be bargain hunters,” Fox says. “But as activity intensifies, as was happening prior to the pandemic, we will see prices firming up.”"
It is also a great time to consider selling. Give us a call today for a free market analysis of your property!
(Source: https://magazine.realtor/daily-news/2020/04/22/agents-to-sellers-don-t-take-your-house-off-the-market and “Agents Encourage Sellers to Keep Listings on the Market,” Forbes.com (April 21, 2020))