COVID-19 has had an impact on numerous industries, and real estate is no different. When the pandemic hit close to home, we had to pivot the way we do business in order to keep our agents, staff and customers safe. Health and well-being are our top priorities, so we implemented guidelines to make sure everyone feels safe and comfortable throughout the entire home buying or selling process.
And while 2020 may look different in terms of how we conduct business, now is actually a great time to sell your home. Home prices are up, mortgage interest rates are historically low, and many buyers are chomping at the bit for a change of scenery.
You may have questions navigating the ins and outs of the home selling process, but luckily, you don’t have to do it alone! Officially founded in 1855, NP Dodge Real Estate is the oldest real estate company in the country, and we know this market better than anyone. We rounded up some of the top reasons why right now is a great time to sell your home.
When you decide to take the first step, give us a call. Our team of local experts will be happy to assist you on the journey!
Homebuyers are very active right now
For the first few months of the COVID-19 pandemic, the U.S. housing market slowed down a little. But now that lockdown restrictions are loosening here in Nebraska and Iowa and Realtors have found ways to utilize social distancing during the homebuying process, buyers have returned in full force. In fact, the National Association of Realtors reports that in May, after two months of decline, pending home sales shot up 44.3%—the highest month-over-month jump since 2001.
Home inventory is low
Even though buyers are back with a vengeance, sellers haven’t fully taken the plunge again. Annual reports show that housing inventory nationwide in June was 27% lower than last year. Because there are fewer homes for buyers to choose from, many sellers are experiencing a quicker turnaround and more competitive offers.
Home prices are up
Demand for homes in the area is high and inventory is low, which often yields higher home prices. In fact, home prices are actually higher now than they were before the pandemic. According to the Great Plains Regional Multiple Listing Service, last month’s average existing home sale price in the Omaha area increased nearly 10% from July 2019. So if you’re looking to get top dollar for your house, now is a great time to think about listing.
Mortgage interest rates are historically low
In August, average interest rates reached a new record low of 2.88% for a 30-year fixed-rate mortgage. To compare, look at the average rate throughout the 2010s—which was 4.09%. This new low number means that homes could cost potentially tens of thousands of dollars less over the lifetime of the loan. Because of this historical number, buyers who may have been on the fence about purchasing a home are ready to take advantage of the low rates and are more willing to purchase a larger home than they would have previously.
Quarantine has changed the needs of some buyers
During the pandemic, many homes turned into both a workspace and a classroom. This caused some people to re-evaluate what they need in a home in order to better fit their new living situation. Home offices, more privacy, outdoor spaces, home gyms, and just more room in general are becoming increasingly more important and causing some to consider moving.
Sellers have more time to spend on curb appeal + home projects
We’ve all been spending a lot more time at home this year. This means sellers may have more free time to spend on all those long-forgotten home projects, which can help increase a home’s overall value or make it more attractive to potential buyers.
And during the warmer months, curb appeal is at its peak! Blooming gardens, green grass, lush landscaping and sunny spaces are the perfect way to make a great first impression on potential buyers. Not only will it give buyers the opportunity to see your home at its best, but it also allows them to actually picture themselves using the space.
It’s also a great time to buy
Because the current Omaha market is so active and homes are selling quickly, this is a good time to sell for those balancing the sale and purchase of a home simultaneously. Plus, the market is booming all around the country right now so whether you’re staying here in Omaha, relocating to a city nearby, or making a trek across the United States—it’s likely you won’t have a problem finding your dream home or even a second home! If you’re also looking to buy a new home, use our advanced search or map search to find the best home for your needs.
Interested in selling your home?
We’ve been serving the Omaha area for over 165 years, and our family of agents would love to help you in any way we can. Visit our Why NP Dodge page to learn more about our commitment to you and all of the reasons you should choose NP Dodge when listing your home.
Before you begin, get a free estimate of your home’s value with our Price My Home Tool. While this will give you an idea of what the fair market value is of your home, nothing beats working with a local agent who knows the nuances of the local market. When you’re ready, give us a call—we would be happy to connect you with an agent who best fits your needs!