Now that buyers are back on the market following the COVID-19 slowdown in the spring, competition for existing properties is fierce. According to recent data from the National Association of REALTORS®, in July, pending home sales were up 5.9 percent from June—and up 15.5 percent from July 2019. And not only are homes selling—they’re flying off the market.
“We are witnessing a true V-shaped sales recovery as home buyers continue their strong return to the housing market,” says NAR Chief Economist Lawrence Yun. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”
So, what does this mean for you? If you’ve been thinking about selling your home, we’re experiencing one of the strongest seller’s markets in recent history (“If 20 percent more homes were on the market, we would have 20 percent more sales, because demand is that high,” says Yun)—so if you want to sell your home quickly (and profitably!), now would be a good time to make a move.