According to Javier Vivas, Director of Economic Research at realtor.com: “Sellers continue returning to the market at a cautious pace and further improvement could be constrained by lingering Covid-19 concerns, economic uncertainty, and civil unrest.”
Homeowners may need a little motivation to sell their home during the coronavirus pandemic, but you need to know that buyers are ready to purchase a home. After spending several months at home, buyers are ready and they’re looking to buy NOW!
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains: “A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”
What Are Buyers Looking for Today?
The latest Market Recovery Survey from NAR lists features and amenities buyers are looking for, especially since the coronavirus has shifted many buyer’s priorities. The most common home features are home offices and space to accommodate aging parents.
According to the survey, many people living in the city would like to live in a different area now due to COVID-19.
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47% have an interest in purchasing a home in the suburbs
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39% are interested in purchasing a home in rural areas
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25% desire to be in small towns
As we can see, buyers are eager to find a new home in the suburbs, but there’s a lack of homes available to purchase.
Danielle Hale, Chief Economist at realtor.com said, “The June Housing Trends Report showed that buyers still outnumber sellers which are causing the gap in time on the market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data with the change in time on the market being most notable. In the most recent week homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 weeks or longer than last year.”
Home Sales in the Western Suburbs are Picking Up
In essence, home sales are picking up and buyers are purchasing them at a faster rate than they’re coming on the market.
Hale continues to say, “The housing market has plenty of buyers who would benefit from a few more sellers. If the virus can be contained and home prices continue to grow, this may help bring sellers back to the housing market.”
If you’re considering selling your home, and it has some of the features today’s buyers are looking for, contact a real estate agent at Wenzel Select Properties at
(630) 430-4790. You will more than likely be able to sell your home at the best price and in the least amount of time. Additionally, you will be able to take advantage of the low-interest rates available right now when buying your new home.
Wenzel Select Properties’ future location is
4941 Main Street in Downers Grove, Illinois. Our real estate office is in the heart of downtown Downers Grove. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday.
