Quarantine Chronicles: Should I Sell or Should I Stay?

I have been getting asked a lot how the market is doing during this time. I can easily say, "It's pretty strong still." But what am I really saying here. In Richmond, it is still a seller's market which means demands are high for buyers which has been the case here in Richmond, inventory is still low creating multiple competitive offers on a lot of properties. So why aren't you selling?

Some of you are feeling a little leery about selling a home during a pandemic. This is easy to understand from a physical point of view. People coming in and out of your house and you’ll likely be looking for a new home as well so that leaves you going in and out of houses. I assure you, we as Realtors have taken much precaution. From masks to sanitizer to a daily wipe down of everything to extensive virtual tours, we’ve taken great care in making sure our clients feel safe. Some of you have fear from a financial standpoint. With unemployment so high and the volatile state of the market and world, you might feel you need to hold onto what you have. These are all valid reasons, but I have better reasons why you should sell right now.

Buyer Demand is High. There are more buyers out there than sellers and while things lulled a few months ago, buyers are making up for time lost. Take advantage!

Change in Desire. One of the main criteria for most buyers is location. With people working from home these days there is a higher demand for space and no longer is location a real concern. You can now live in the country, work from home and visit the city or vice versa. People are looking for homes where they can have a more comfortable workspace, but also a designated “classroom” for their kids. The “new norm” has changed how people are buying homes during this time.

Increase in Sales Price. There’s been a significant increase in home sale prices (7.7% nationally). Buyers are paying top dollar for homes and haven’t been afraid of competitive bids. Interest rates have been as low as 3.0 for a 30-year fixed mortgage, making a more desirable climate for financing.

Current rates in Virginia are 3.08% for a 30-year fixed, 2.62% for a 15-year fixed, and 3.02% for a 5/1 adjustable-rate mortgage (ARM).

Money, Money, Monaaaay. With many people having gotten stimulus checks, saving money from going out, and tax return funds, buyers have a little more to play with.

So you have all these things at work right now and I would say it’s a great time to sell that home that isn’t working for you anymore, or maybe you just want something new and wanting to explore other parts of Richmond. As 2020 creeps ahead, you can take some time to think about a future in a new home or the great return you can get on your current one.

If you’d like more information on the home selling process, please feel free to contact me.