The Best Time to List in the Current Market Could Be NowReturn to Blog
The Spring and Summer seasons are usually the best time to sell a home for those seeking to earn the most profits. Due to COVID-19, it remains uncertain if conventional wisdom may apply since buyers and sellers alike have slowly returned to the market.
The number of newly listed homes for sale on Zillow was down 39% on May 3rd, 2020, compared to the same day last year, further signaling a delay in the usual surge of spring listings this year.
Yet, there is still hope if you choose to list your home now, for some property owners across the country, it may mean selling in a down market and potentially not earning the most money from the sale. But in Alameda county and the inner east bay, buyers are still searching for their new home, and are likely to offer a desirable price for your home due to a limited amount of homes for sale.
In fact, recent statistics from Compass shows us a sustainable trend upwards in Listings Accepting Offers, steadily approaching the same amount before shelter-in-place orders were mandated:
While the impacts of COVID-19 on prices are unclear, Zillow economists predict two possible scenarios:
Prices decline as much as 4% and take longer to recover, or as little as 1% and recover more quickly. Which scenario plays out depends on various factors, including how soon the market reopens and whether interested buyers can still afford to purchase a home. It is worth noting that local markets can have various dynamics, especially since states have different timelines for restarting their economies. But since phase II of reopening the state of California, the market has shown some positive signs of a comeback..
If you have any questions or need help devising the best plan to sell your home, Darryl Glass is always available to help. Please call (510) 500-7531 or send an email to email@example.com for assistance. If more convenient, you may also schedule a call with Darryl directly below: