Seller Confidence is Growing Due to Vaccinesadmin
Last fall, a published Zillow report found that 29% of homeowners reported that their life or financial situation was too uncertain to enter into the housing market. The share of homeowners feeling this uncertainty dropped to 25% at the beginning of this year. This is a sign that potential sellers are growing more confident thanks to the continued demand for homes, rapid home appreciation and vaccine distribution.
Homeowners who decided to sell their homes during the uncertainty of 2020 were rewarded with offers above list price, shorter selling times and buyer demand that has lasted well past the traditional “peak” selling season. That trend is likely to continue into 2021 as vaccine distribution continues to help re-jump the economy.
The vaccine rollout will likely bring a boost of inventory that the market desperately needs, as sellers become increasingly willing to move now that the pandemic is more under control. This will result in a greater number of new listings beginning this spring. This increase in inventory will give buyers much needed breathing room and more options in an extremely competitive market.
The pandemic triggered a buying frenzy, at first with wealthy city-dwellers wanting to get away to suburban life. As companies have continued to let more of their staff work from home, people have realized they can live far from the office, in whatever location suits their desires.
These flurry of activity will die off eventually, but for now it continues to be a motivating factor.
Economists are forecasting a pretty hot market in 2021, driven by historically low mortgage interest rates and a surge of young buyers approaching prime home buying years.
If you’re feeling overwhelmed or uncertain about the current market, the best thing to do is to talk to a mortgage professional who can answer all of your questions. We can tell you what kind of mortgage you qualify for, and the best strategy to help you achieve your real estate goals. Contact us today with any questions you have about buying or selling. 801.206.4343
**Source: Zillow Premiere Agent & MBS Highway**