Exploring a Seller’s Market: Now Is The Right Time To Sell Your Home in El Paso
The era of COVID-19 has created the need for adjustment in almost every facet of life. It varies for different people, of course, as every profession and industry deals with the restrictions, limitations, and demands in their own way. The real estate industry has suffered a similar fate, but here at Brian Burds Home Selling Team, we continue with our top mission of helping El Pasoans sell their homes.
It seems we have a real seller’s market on our hands, as El Paso sees low inventory but high demand for homes. This is good news for sellers in the area. As El Paso’s top-selling team, we thought we’d take a look at what we mean when we say a “buyer’s market” and some of the top signs that might indicate when the right time to sell comes about.
What is a Seller’s Market?
Well, plain and simple, a seller’s market is in the name itself. It means the market is in the seller’s favor. This occurs when demand exceeds supply. In other words, there are more buyers looking for homes at that time than there are homes for sale. This creates a great opportunity for someone who might be on the fence about selling their home. This leads to multiple buyers being interested in a single property, giving the seller an opportunity to get the most out of their home and even create competition among buyers, leading to higher bids and better sell prices. It does create some natural competition in the buyer pool, as people interested in homes are willing to put in higher down payments or slightly higher bids.
There are other advantages for seller, as well. Let’s say you’ve been considering selling your home, but it requires some minor repairs so you decided to wait. While projects like repainting your house or installing new carpeting throughout may raise your home’s overall value, it may not be completely necessary. It’s true that these repairs can be beneficial, but you are also able to get away with not spending that money upfront and selling your home fast.
The El Paso Housing Market During COVID-19
The pandemic has forced every industry to make some adjustments. The real estate industry is no different. Real estate agents are not always able to show homes, especially if they are still inhabited. Thanks to technology, we are able to take video, virtual tours, and walk-throughs that bring the home to the prospective buyer without them having to enter your home.
According to KFOX, From May 2019 to May 2020, there has been a 27 percent decrease in houses on the market for El Paso. The fact that El Paso is currently a seller’s market surprises many people in the industry. Some would think that due to economic strain, El Pasoans would seek to sell their homes during this time. This has not been the case, however. According to the National Association of Realtors, 77 percent of sellers are actually holding on listing their home on the market until the pandemic is over. This causes a shortage of inventory in the city and a pool of very hungry buyers.
Real estate professionals have seen a market of buyers who have had to be more aggressive when it comes to snatching up properties. When multiple buyers are offering at once, it creates a sense of urgency and people are more likely to become less patient.
House Tours and the Selling Process During COVID-19
So how do we sell your home during the age of COVID-19? For many realtors, technology has become ever more indispensable to their day-to-day operations. Virtual tours, for instance, are a great way to show the home without having to have the buyer physically present.
Taking Precautions — Following Guidelines While Assisting Sellers
Realtors who are currently showing homes are taking great precautions to protect themselves and the community. Here at the Brian Burds Home Selling Team, we want to ensure the buying and selling public that everyone in the industry is taking vast precautions to protect them. All realtors keep masks, hand sanitizers, and gloves with them at all times. If we show a home in person, we ensure that we wear gloves and keep from touching many surfaces.
Another change we are getting used to is the eschewing of handshakes or hugs. Realtors are quite used to doing business with many people and shaking hands when meeting new buyers or closing a deal. This has been another change in the way we do business, but we are getting through it!
If You Were On the Fence, Now is the Time
So, if you are an El Paso resident that has been considering selling your home, don’t delay. In addition to the Coronavirus-induced seller’s market, summer is always the hottest time (no pun intended) to buy a home. The summer months have always proven to be the time of year that sees the most real estate transactions. If you want to sell your home but don’t know where to start, call Brian Burds Home Selling Team today and let us get you the best price possible for your property.