Selling a HomeSelling your HomeTips for Home SellersTrends in the Market

Right now there is a lot of fear and uncertainty regarding the economy. Nearly every asset class is under scrutiny, from stocks and bonds to raw land and developed property. As unemployment numbers continue to rise and the economy makes a slow, puttering restart, no one is quite sure what the remainder of this year and the next will look like.

And since our crystal ball is in the repair shop this week, we’re going to look directly at the data for some answers about the real estate market. Two key facts stand out:

  • The number of homes for sale has dropped.
  • Prices continue to rise.

The Spring 2020 Real Estate Market

According to a recent report from Redfin, the total April supply of homes for sale was down 24% compared to April 2019. The number of new listings fell a staggering 42%. Many sellers are standing on the sidelines, waiting to see what happens next. Will prices go up? Will they go down? Do I want strangers walking through my home? These are the questions that are keeping many would-be home sellers from jumping into the market right now.

Again, while we can’t predict the future, we can look at the data to find out exactly what is going on right now. For sellers who are willing to take action, the data is compelling: homebuying demand is high.

“The rate of growth in U.S. median home sale price stumbled slightly to 4.9% year over year, down from 6.9% in March,” reports Redfin. While prices aren’t climbing as rapidly as they were pre-COVID-19, they still continue on an upward trajectory, and that’s good news.

With so many sellers warming up the bleachers, those who choose to get out on the field during the summer of 2020 may have more opportunity to sell for a favorable price. The demand is pent up, and the traditional peak homebuying season is upon us.

If you are ready to sell or would like to learn more about the process, contact Warren Bradley Partners today. Qualified and approved homebuyers are actively searching for their new home in Middle Tennessee, and the pickings right now are slim! Let’s list your house in this hot seller’s market. Call (615) 300-8663 or visit warrenbradleypartners.com.

Why Choose Warren Bradley Partners?

Our firm has more than 30 years of experience in buying and selling real estate in Middle Tennessee. We don’t want to be the biggest firm; we simply desire to serve every single client the best we can. Our goal is to provide you with a seamless selling (or buying) experience as we protect, educate, and guide you through the process. Call (615) 300-8663 today to learn more.

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment