Seller season has started

Last week we touched on the fact that the time to sell is now. No, really. The market is "light" on inventory and adding your home to the fray is a really good idea. I've been doing a bit more reading on the subject and wanted to share a few more items that might just get you off the fence. If you are a buyer right now, it's likely a good time to renew your search criteria and reconnect with your agent. You will want to keep your finger on the pulse as the market springs back to life.

The numbers noted are from the good folks at Lending Tree. They surveyed over 1,000 homebuyers to get the scoop on where those buyers stood with regards to the pandemic and the current market. In fact, over half of those surveyed indicated they are more likely to purchase a home in the next year due to the outbreak. Among that group, first-time buyers and millennials are at the top of the list.

Honestly this survey was a little surprising to me. My assumption (and likely yours) was that folks would be trepidatious about purchasing a home in these uncertain times. Of those surveyed the primary motivation (67% of them) was the ability to take advantage of the current record low mortgage rates. "The rates are great right now and the banks are reporting lots of applications for both new purchases and refinancing," notes Badger Realty agent, Eileen Difeo.

Personally, I'm pretty optimistic about our future. (I've never done this, but I feel I should say the opinions reflected here are just mine and not those of The Daily Sun or Badger Realty.) I think the rest of the summer is going to be a challenge (according to the predictions) but we'll come out of this in good shape. A little virus can't keep us down. People will get back to work (they already are) and the economy will strengthen. Taking advantage of these amazing interest rates is great timing. Especially if you were already considering purchasing a home.

The second motivator for purchasing a home right now (according to the survey), at 32%, is the ability to save for a larger down payment due to reduced spending. I think this is fantastic. I know I have been saving lots of money each week by eating all of my meals at home and buying gin by the bottle instead of by the glass! The reality is, we're all "doing" less outside of the home and therefore are spending less. If we're smart, that also means we're saving more. Personally, I've been re-focusing my spending on pizza and cookie deliveries! Not smart, but oh so yummy.

There are other, tertiary reasons why buyers are motivated to get back in the market. There is a perception of reduced home prices. While it is possible that some sellers will be more motivated due to their own personal circumstances, I don't believe this is any higher than normal. If someone has to relocate due to job or family reasons, they will be as motivated to sell with or without the pandemic.

Another reason is the actual home folks are in. I recently watched an older Seinfeld (Season 2) where Jerry goes on a weekend get-a-way with a new girlfriend. The pressure of that trip (just the two of them in a B&B during a rainstorm) was a bit more than the relationship could handle. Folks are feeling the same pressure being confined inside their own homes for months-on-end. The reality of the lack of space (and personal space) is motivating folks to explore homes with a bit more square footage!

We touched on the shopping process last week and this survey re-confirms the results. About 30% of buyers say they would purchase a home without having toured it in person and 60% have virtually toured prospective homes in the last 2 months. The lesson here is: If you're selling, make sure your video game is on-point!

A full 21% of those surveyed are planning to purchase a "pricier" home. That means more space and more closets! Get your home staged and make it look great. The buyers are coming.