June Home Selling Trends
As we mentioned in a previous blog - June is always one of the hottest months of the year to sell your home. On top of that, if you've been following the housing market since the start of the pandemic you already know that the market has been white hot. Put those two factors together, and you've got a recipe for an extremely quick sale! Here's what you can expect in June.
Inventory Will Increase
The pandemic slowed the whole economy down, and the housing market was no exception. There were more buyers in the market ever (thanks to many folks opting to move out of their apartments), but the amount of houses on the market remained low.
However, lockdowns and mandates are falling across the country, the number of vaccinated is rising, and an economic recovery is on the horizon.
In fact, the market recovery has already started. In April 2021, close to 33% more homes were listed. A recent survey revealed that 45% of would-be sellers are planning to list their home this month.
So basic economics would say that with a larger supply of homes, the demand would go down, and therefore so would the price... right? Usually... but this month, that might not be the case!
Home Prices Will Stay Competitive, and Mortgage Rates Will Stay Near Historic Lows
It's been a seller's market for close to a year now. Last year many prospective home buyers, discouraged by the savagery of competition for homes and ballooned selling prices, simply decided to put off their purchase until next year. Well, it IS next year! We think that their pent up demand will be unleashed as a huge influx of homes hit the market, which means prices should stay competitive throughout June and the rest of the summer.
Additionally, the material shortage means that fewer new construction homes are able to be built, and the asking price will be higher than first time buyers are able to swallow. That means, once again, a hotter market for those selling their current homes.
As far as rates? While they aren't as rock bottom low for buyers as they were in the middle of the pandemic, they are still very low compared to historical averages. 2 weeks ago, the interest rate on a 30-year fixed-rate loan was 3.13% - which is 20% lower than it was in the years prior to the pandemic.
All this points to an increase in buyers to go along with the increase in inventory - which means prices should stay relatively the same.
What This Means to You
It means that it's an incredibly good time to sell, and we'd like to help you with that. We are experts in renovating and selling homes quickly, and are well equipped to get you top dollar in this hot market. But the time is now.... so if we can help, get in touch! Call us at (540) 737-5617, fill out the form below, message us on Facebook.
Good luck out there!
