Is now a good time to sell a house? My personal feeling is – it doesn’t get much better than it is right now. Realtors tell you that all the time, and I’ve often used the expression, “Whenever you’re ready to sell is a good time.”
But in decades of being a professional real estate agent, at no time do I remember the market being as hot as it is now. Here are five concrete reasons that answer the question: Is now a good time to sell a house?
(1) Interest rates are at an all-time low. As of mid-August 2020, thirty-year fixed rate mortgages for borrowers with good credit are at an astounding low of 3.24%. Fifteen-year rates are at 2.74%. The last time interest rates were this low, Dwight D. Eisenhower was President. For those of you who are too young to remember, that was a very long time ago.
(2) We are at an all-time high for prices. Even from June to July of this year, prices rose 7%. Home prices in Colorado Springs are up almost 15% from the same period last year.
(3) We are at a record low of inventory. The average time right now for a house to be on the market in Colorado Springs is seventeen days! But almost every house I’ve listed in the past few months has been under contract with multiple offers within a day.
(4) There is an all-time high of Buyers looking to purchase. There just isn’t enough inventory to go around. Our average month of available listings right now is at half a month! That means, if nothing else comes on the market, we only have enough homes for sale to last a half month. Normal inventory in Colorado Springs is several months worth of inventory.
(5) Here’s the biggest reason I would encourage you to list now. Without fail, the market always slows down in an election year as we approach November. This year, with COVID-19 and a particularly divided election, I expect to see some serious slowing down. That doesn’t mean there won’t be buyers. There are always people who need to move. But there won’t be as many, and even in a good election year, things slow in October and don’t pick up again until February or March of the following year. So now is a great time to put your house on the market and get it sold before the cold winds of November start blowing.
So what are your thoughts? Is now a good time to sell a house? If you’d like information specific to your situation, text, call, or email me. I’ll be happy to help you figure out if now is the right time for you to make your move.