You, like many other Americans, probably had plans to sell your home before the coronavirus hit the U.S. Through the next couple of months many Americans were dealing with the tough decision of whether to sell their home or not - and when would be the right time. If you have been thinking about selling your home, selling in the fall of 2020 could be your best move.
Yes, it's true. Home sales do pick up in the spring and summer months of each year but with the nationwide shutdown that happened in the spring of 2020, you are seeing that trend spill over into the fall of 2020 months. Year to date the Triangle (NC) area has seen a 3.1% increase in closed home sales and a 3.6% decrease in new listings compared to this time last year. Meaning demand is high and supply is down a.k.a A Sellers Market!
While there are buyers that stop their home search during this time each year due to school starting, a decrease in new listings, and the approaching holidays. There are also thoses that are relocating, rent leases are expiring, or need to upgrade due to a growing family. Statistics pulled from wakegov.com show on average 188 people move to Wake County a day and since 2010 net migration has accounted for 65% of Wake County's growth. This growth is credited to our major research universities (UNC, Duke, NCSU), as well as the Triangle (NC) being a hub for biotech and technology companies.
The advantage of selling this fall (2020) is that while other sellers wait for the spring/summer market of 2021 you can be taking advantage of the growing demand and lack of inventory the fall 2020 market has to offer. There will be less (seller) competition, which means there will be fewer homes available for sale. With fewer homes available and an ever growing pool of serious buyers, this increases your chance of getting an offer that meets or surpasses your asking price.
At the end of the day, there are many reasons to list your home this fall (2020). The main reason you should consider selling is that there are more serious buyers than homes available in our area. Not to mention if your home is in good shape and with a great real estate agent by your side - your home is not only likely to sell quickly but for top dollar!
