No one can tell us when the current situation will end. In our local communities, people, businesses, and industries have shifted, creating new opportunities along the way. Through it all, we’ve been getting a lot of questions about the real estate market. 

As the weeks go by and we collect more data, both locally on Long Island and nationally, we are finding that despite the health crisis, buyers remain active, inventory remains low, and real estate transactions are still occurring. All of this adds up to one thing: it’s a pretty good time to sell. 

An Increase in Listings 

 

For those who decided to put a pause on your decision to buy or sell, you are not alone. According to the National Association of Realtors Flash Survey from the beginning of May, 51% of sellers opted to delay the process a couple of months. But with reports of low inventory from nearly every state, sellers are starting to put their homes on the market. Zillow reported that although still down from this time last year, new listings have continuously risen over the past three weeks. 

Lawrence Yun, Chief Economist at NAR, also discussed recent changes in seller and buyer behavior:

“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”

Preparing to Sell

Sellers ready to move forward are now faced with another question: how do I prepare to sell during this time? 

Here are three simple tips for selling now:

Meet with Local Agents

Make sure you speak with more than one real estate agent in your local market. Learn what each is doing to market listings, their virtual offerings, and what they’ve experienced in the past several weeks. Finding someone who is comfortable navigating these times will eliminate a lot of stress.

Get Your Home Ready

Whether online or in-person, your property should be in top shape for showings. Deep clean, eliminate clutter, and stage furniture to create a strong first impression. 

Be Ready to Act 

Since there is low inventory and serious buyers, properties priced for the market are seeing action very quickly. Be ready for virtual and in-person showings (don’t worry - we limit these) and offers, especially if your home is under $350,000 and in a desirable location. 

To sum it up, transactions are still down when compared to last year, but activity is starting to pick back up. In addition, the buyers who are searching are serious and ready to make offers. 

If you have more questions about the current market, contact us!