The coronavirus pandemic has made many of us cautious. While we are washing our hands more frequently and paying attention to how closely we stand to strangers, another surprising behavior has emerged. It seems that caution has led to many homeowners delaying the sale of their homes.
Right now, single home inventory in Florida is at a record low. There are fewer homes on the market than ever before. Generally, when there is an inventory of 6 months worth of for-sale homes, the market is considered balanced.
Currently, there is an inventory of just 2.8 months, indicating a clear seller’s market. (Note that this excludes condos and townhomes, which have an inventory of 5.8 months.) Inventory levels are down 27% from last year, according to Florida Realtors Chief Economist Dr. Brad O’Connor. While more homes have hit the market in recent months, listing rates remain lower than previous years.
So is now the time to finally list your home?
If you’ve been patiently waiting, then here is some great news. Homes are selling more quickly and for more money.. Buyers have record-low mortgage rates and are hungry for more space. Many have put off moving because of the pandemic, but they are eager to move now.
If you are looking to sell your home, now is the time! Let’s talk about how to get you the most for your property. Give me a call today.