Homeowners that have been putting off selling their home due to the coronavirus crisis should re-evaluate selling this summer. However, many real estate experts are now saying that this summer could be one of the best time to sell a home.

Danielle Hale, chief economist at realtor.com, says that although many people feel uncertain about the future, the data suggests “ – that buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer.”

Firstly, home buyer demand is high. During the start of the busy season in spring, buyer demand fell as many states when into lockdown. Now that they have begun to re-open, buyers are searching in droves, eager to make up for lost time.

The National Association of Realtors Pending Home Sales Index shows that May had a historic rise in pending home sales. This shows a significant jump in buyer demand, meaning that more people are rushing to buy this upcoming season.

Matthew Gardner, chief economist at Windermere Real Estate, also point out that a lot of demand is coming for suburbs and smaller, cheaper cities. He says this is because many large companies are allowing their employees to work from home, meaning they do not have to work in the bigger more expensive metros.

“If we continue to see an increase in working from home, people can move farther away, where they can get more bang for their buck,” Gardner says.

Even with all these home buyers ready to buy, home inventory remains low.

Lawrence Yun, chief economist of the National Association of Realtors, says that inventory has been low since last year, and during the various lockdowns, it fell even further.

Realtor.com’s market outlook shows that housing inventory in June was 27% lower than in June of 2019. The shortage of homes doesn’t have much to do with the pandemic, Gardner points out that the low inventory is mostly due to homeowners choosing to stay in their homes longer. The NAR data shows that Americans spend an average of 13 years in their homes before moving.

Yun says that the low inventory is also “due to the massive government stimulus support, including mortgage forbearance and generous unemployment benefits.”

With buyer demand so high, home sellers can look forward to rising home prices.

Yun says that at this time, many sellers can get top dollar, and according to NAR, single-family home prices rose in most markets during the first quarter of 2020. The national median single-family home price increased 7.7% to $274,600 in the first quarter.

Mortgage rates also remain historically low, with Freddie Mac reporting a new record low of 3.07% for a 30-year fixed-rate mortgage on July 2^nd.

For many homeowners the concern remains over the growth of the economy. While at the beginning of the lockdown, unemployment rates rose to a new record high, data from May and June have shown that businesses have slowly added jobs back. This means that the economy is showing slow signs of recovery, and Hale explains that, “Some speculated that we’d see a sharp bounce back in activity, and I think it’s fair to say that’s what we’re seeing so far.”

Finally, many realtors are noticing that the needs of searching home buyers have changed. Since the beginning of the pandemic, many home buyers have begun to look for more space.

“Spending three months locked up at home taught a lot of people that where they live is important,” agrees Jed Kliman, managing broker at Windermere Real Estate in Seattle. “Clients I’ve been working with recently are trading up because they’ve spent more time in their homes and realized it didn’t meet their needs.”

Buyers are depending on good photos, staging and virtual tours to see homes during this time, so sellers can really highlight features and amenities that are attractive to buyers. Realtors are taking extra steps to make sure buyers can have a quick and easy offer process.

There are many positive signs that the future of the real estate market is a positive one, especially for homeowners looking to capitalize on high prices and low inventory. But Hale cautions homeowners and buyers alike to keep an eye on infection rates.

Sources: Realtor.com “6 Reasons Why This Is Actually the Best Time in Years to Sell a House”;  National Association of Realtors “Metro Home Prices Rise in 96% of Metro Areas in First Quarter of 2020”; Freddie Mac “Mortgage Rates Hit Another All-Time Record Low”; Realtor.com “Real Estate Market Outlook June 2020”