How COVID-19 Changed The Real Estate Market For Home Sellers in 2020
There’s no denying that the COVID-19 pandemic has completely changed day-to-day life in America. But how has it changed the experience and process of selling a home?
The 2020 National Association of REALTORS® Profile of Home Buyers and Sellers compared home Sellers before and during/after COVID-19. Some of their key findings included:
Homeowners wanted to sell both before and after COVID hit—but their reasons for wanting to sell changed. vPrior to April 2020, the most common reason homeowners wanted to sell their home was to be closer to friends and family. vAfter COVID hit, homeowners were much more likely to report selling because their house was too small.
More sellers relied on technology to sell their homes during COVID. vBefore April, only 16 percent of Sellers used virtual tours as a tool to sell their homes. Once the pandemic hit, that number jumped to 27 percent.
Homeowners were able to sell their homes for a higher price after COVID. Home sellers before COVID sold their homes for an average of $270,000. After COVID? That price tag increased to $300,000.
So, what does that mean for you? COVID-19 may have shifted the reasons homeowners are selling and the strategies they are using to sell—but it is also enabled Sellers to sell faster and more profitably. So, if you have been thinking about selling your home, now is a great time to make a move.