Undeniably, 2020 has proven to be the most unexpected year many of us have ever experienced. While the last few months have been challenging, there is light to be seen at the end of the tunnel! The great news is that there is an upswing to be expected in the real estate market. Many confidently project that the housing market is what will imperatively pull America through these current adverse times that we are in.
Local real estate experts, Jenny Edwards and Tim Gupton of JP & Associates Realtors ® Legacy Group, share that home values over the last 12 months have increased significantly by 5.4%. Tim gave an intriguing insight: “Even between March and April, despite the shutdown, home values continued to increase by 1.4%.” Adding that, “Additionally, home inventory continues to be low. So that, along with low mortgage rates, makes this a great time to sell! It is a prime time for great returns on real estate.”
Jenny solidified the thought that now is a great time to sell by adding, “Buyers are definitely interested, and for anyone considering selling, this is the perfect time to call us.” Furthermore, Jenny anticipates that as we move into summer, the expectation is that home prices will hold steady, possibly even increasing further! So all of these factors work together to create the ideal home-value growth.
Enthusiastically, Tim continued, “We can all get excited about this. We know the housing market will be a driving factor in our economic recovery, and it will help stabilize things for the next 12 to 18 months.” Jenny urges sellers to get their homes on the market now by continuing, “In order to maximize the selling price and possibly even enjoy multiple offers (dependent on the property, condition, and location), do not wait to get your house on the market. Sellers can feel confident about listing when they go with agents as experienced as the ones that we proudly have in our firm.”
The recent circumstances that have slowed down many other areas economically have not made the real estate market regress. Instead, the increase in demand for houses has resulted in a shortage of inventory. “COVID-19 has definitely posed some changes.” Jenny shared. “However, many of those things are positive changes for our industry. A huge increase in the utilization of virtual tours and online interest has been easily navigable as our firm is equipped with the cutting edge technology needed to tailor to every client’s needs.”
Tim has been studying the housing patterns in the Triad. “Buyer activity remains the strongest it’s been. In June, we saw that homes under contract were up by 24% when compared to the previous 12 weeks. And homes sold were up to 12%! Demand is enabling sellers to get top dollar for their property, and with the median price of homes up 10%, that’s tremendous! Very few investments are currently yielding a 10% return!”
While COVID-19 made its entrance in the prime spring selling season, the market is still going strong. Jenny and Tim encourage sellers to take advantage of the low rates, among the other benefits of selling right now, because there is truly no better time to begin the process! With record low rates, homeowners can sell, purchase a new home, and still benefit from maximum equity and cash flow in the coming year!
JP & Associates Realtors ® Legacy Group is located at 855 Bethesda Road in Winston-Salem. Call the office at 336.955.1230, or visit online at JPARLegacy.com. Be sure to like them on Facebook and follow them on Instagram.