If you are a potential home seller and you’re wondering “Is it a good time to sell a house?”, there is no easy answer. Spring is regarded as the best time to sell a house in general, but the impact of the coronavirus on the US real estate market was tangible. Summer 2020 is your next best chance. Here are some trends to consider before you decide if now is a good time to sell along with our best tips for selling your house in the summer.
US Housing Market 2020 Trends
First, let’s take a look at the real estate market trends of 2020. This will help you figure out if now is a good time to sell or not.
Here is a brief overview of the major trends in real estate right now.
- Mortgage rates are at historic lows, tempting buyers to take the step.
- Home price predictions project a fall by between 1.3% and 1.8% from now through 2021. So it may be best to sell now rather than hold off for later in the year.
- Demand for real estate with more living area, outdoor space, and close to nature (in smaller towns) is on the rise. If you own such a property, take advantage of this now.
- Housing inventory is low (there are fewer properties for sale because people are unsure if they would be able to buy another house to live in after selling) so competition is not bad. You may even find yourself with multiple offers.
- There are homebuyers who cannot wait. Job relocations and family circumstances were put on pause by the lockdowns, but now those people are in urgent need to buy and move fast. This creates an excellent opportunity to sell your house this summer.
- Although there is speculation, a housing market crash is unlikely.
Based on these top trends, the answer to the question “is it a good time to sell a house” might actually be “yes”. But there are a few more things you need to keep in mind:
A Few Things to Consider About Summer 2020
The US housing market 2020 has not crashed as many predicted. However, there are a few uncertainties that might get in the way of selling your house:
- There might be a second Coronavirus wave, causing closures and lockdowns again. Although experts predict this will happen in winter 2020, we are already seeing a rise in cases in some areas as governments open up.
- Unemployment is still very high, despite records revealing that 2.5 million people got their jobs back in May. This will be making home buyers more cautious in the next few months.
- It looks more like a buyer’s market right now. The housing inventory may not be high, but the demand is also not huge. It would be a seller’s market if buyers suddenly open up and demand spikes in your area.
- Summer 2020 is expected to be record-hot, which might put off some buyers from going around and looking at properties.
Why Is It a Good Time to Sell a House in the Summer?
The trends specific to 2020 are not the only reasons why summer is considered a great season to sell.
Selling your house in the summer might be easier than fall or winter. The nicer weather helps people feel more optimistic, relaxed, and ready for an adventure like moving. Families with kids looking to buy would want to do so before the new school year starts. That is why the summer real estate market is usually a very active one.
You also have to think about showing your home for sale in the best light. This, of course, is easier during summer with – well – plenty of natural light and longer days for showings. Every residential property looks better when the surrounding greenery is lush, flowers are blooming, and there is fresh air coming in through open windows. You can show off the nice view the house has to offer and the outdoor space. Besides, in the summer you would not need to heat up and light up the whole house nicely to combat a cold and gloomy day.
Here are some of the states with a historically strong summer housing market:
How to Analyze This Year’s Summer Housing Market to Make the Final Decision
The trends listed above for both summer 2020 and summer in general, are just that, general trends. Ultimately, to make the call, you will need to better understand your local housing market.
We can offer you insider knowledge on your local real estate market, answering the dilemma, is it a good time to sell a house now. Using Mashvisor’s tools, you can gauge supply, demand, and prices, and make your decision.
Explore your neighborhood
Mashvisor’s Neighborhood Analytics Pages will allow you to explore your neighborhood before making the decision to sell. You can see how many properties are available for sale in a given location and you will also get a list of real estate comps for the neighborhood. This way, you can easily see what the competition is and adjust your asking price accordingly.
How to Sell Your Home in the Summer
If you go ahead and list your house on the market, here are a few real estate marketing tricks to increase your chances of making a sale.
Take care of the yard and other outdoor spaces. They are more important than ever now because of lockdown and summer is their time to shine. Add a barbecue grill, a doggie pool, or a hammock just to tease about all the possibilities. Also, improve the curb appeal to make a great first impression.
Add a home office space. Working from home and online learning are not going away anytime soon. A separate room or even just a nook will catch the eye of many buyers.
Keep in mind what millennials look for when buying a house. Millennials will be 50% of home buyers this summer. Since they are half of the potential buyers, it is worth preparing your house for sale to fit their tastes. This includes in-house washing and drying machines, pet-friendly features (like yard fences), and overall energy-efficient homes.
List your house for sale on multiple platforms. Consider listing on more than one platform for the greatest exposure. Mashvisor has a Property Marketplace where you can upload your property for real estate investors and buyer agents to see. It is free, easy, and you can do it yourself.
Do you have questions about Mashvisor? Read our FAQs and learn about our tools.
To Sell or Not to Sell Now? Conclusion
The current housing market seems to be doing better than predicted although buyers are still a bit cautious. We recommend analyzing your local market before you list your property for sale. With insider market information from Mashvisor, you can be ahead of the competition and adjust on the go. Also, consider enlisting the help of a local real estate agent. Their expertise will help you determine if it is a good time for selling a house.