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The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.
According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:
1. “Have any of your sellers recently reduced their price to attract buyers?”
Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis.
2. “Are home buyers expecting lower prices now?”
Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.
What We Do Know
In today’s market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.
Bottom Line
If you’re a buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, let’s connect today to discuss your real estate needs and next steps.
How to Know When It’s Time to Move
If you’re on the fence of whether to move or not, it’s crucial that the entire family sits down and makes a list of pros and cons. But sometimes, even that’s not enough, and you can be left wondering whether or not it’s the right time to get the moving boxes ready. These are some reasons to keep in mind as you prepare to make this life-changing decision.
In need of a better school district
If you have kids still in school, it may be worthwhile to consider moving to a better school district, if moving is in the cards anyway. Moving to a better district also puts the home at a higher market value, more so than most other factors. With a younger family especially, this could be a key factor when deciding where to move to.
The commute is shorter
The average commute time in America is 26 minutes, according to the US Census Bureau. And while this is the average, it certainly isn’t everybody’s situation. A long commute can be make or break—from missing dinner with the family to having to consistently say no to plans. Moving closer to work is a big reason many people choose to move, and if your daily commute is catching up to you, it may be something to consider.
More job opportunities
Maybe you’re stuck in a mundane job that you don’t see a future with, or you’re looking to make a total career switch and you don’t live in an area conducive to this life change. Whatever your current situation, just like a long commute, needing to make that jump may require you to reconsider where you live.
You’re ready to downsize
Your kids have moved on and you’re an empty nester in a house that’s too big for your current lifestyle. Downsizing is always a rational reason to move, and could save you money on utilities, giving you more room to travel or to simply enjoy life more!
You want a change of pace
Whether you currently reside in the city or in the suburbs, sometimes what you need is a change of pace, and moving can provide just that. Maybe you want to branch out and meet new people, or you’ve gotten all you could’ve gotten out of your current location. Reassess where you’re at in life, and see if moving makes the most sense.
There are plenty of reasons to move to a new location, and these are just some of the ones to consider if this change is on the hoWhat is My Home Worth?
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About Me
- Chris B Johnson REALTOR®
- Chris B. Johnson REALTOR® Specializes in Luxury Estates and Home Auctions. Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve. I believe in Quality, NOT Quantity.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
- TOPIC: Home Buying
- LOCATION:
- California Ventura County
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