Listing A Home? Best Time May Be Now

The chips may still fall on the seller's side this time.

Based on the intel from the mortgage industry and current conditions, your home could be keeping its value while the Coronavirus keeps the stock market unstable.

The current condition on the East Coast doesn't seem to be riding the same rails as Wall Street, looking very similar to the housing crash of 2008 - 2010. During the housing crash, the metrics were a lot different than they are now. We had a glut of inventory, mortgages were given to anyone who could fog a mirror (sub-prime) and to put a cherry on top of it all you were able to finance up to 110% of the appraised value of the property. What a time to be alive!

The current Coronavirus pandemic has closed businesses and put many on unemployment, taking  some of the buyers out of the market, but not all. Those who have kept their jobs and remained responsible with their finances during the boom are still looking to make a move. The problem is,  they just don't have much to choose from. The fear of being infected by the Coronavirus if they step outside to see a home is always present. Thankfully, modern technology helps with providing a view of a home from the safety of their own spaces and offers are still being given to the sellers.

On the other side of the coin, inventories are diminished because of fear that the home may become contaminated by visitors carrying the virus (does this sound familiar?). Many homeowners have chosen to remove their home from the market or delay getting into the market at all. This move by the seller's is creating steady pressure on the demand side of the housing market, allowing the pre-COVID-19 prices to remain in place for those who are choose to stand strong and persist in selling.

With mortgage rates being low (around 3.4%) prospective buyers should see the potential of how buying now may actually see a value appreciation after the storm has blown over. Those who have chosen to wait or remove their listings may be missing an opportunity to be on their way to realizing their ambitions and compete against less homes on the market. When the fears quell and a larger block of homes are listed you will be ahead of the curve and possibly have an offer in hand.

He who hesitates is lost. If you are looking to make the move, selling now may be your best bet.

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