Why Waiting For the "Right Time" to Sell Leads to Missed Opportunities
Updated: Feb 2, 2021
How often have we waited for the perfect time to come only to realize in the end that the moment has passed? This sentiment certainly exists within the real estate market. In today’s blog, I’m going to discuss why 2021 is going to be a great opportunity for you to consider selling your property.
Let me first introduce myself. I am Jessica Grier with the Native Collective team backed by the global reach of Premier Sotheby’s International Realty. My team is based in Charlotte, North Carolina, composed of more than 30 years of architecture, construction and interior design experience. I have seen my fair share of ups and downs in the real estate market. This recent pandemic has certainly caused a lot of disruption, not just in the real estate industry but in many sectors of the economy, however, as the antagonist in the popular show Game of Thrones- Petyr Baelish would have it, “chaos is a ladder.”
With each crisis comes incredible once-in-a-lifetime opportunities. In the real estate industry, the lockdown orders have compelled most of the population to stay at home. This means that not only the working class stays at home, but also students, retirees, and everyone else. This has increased the demand for residential options outside of the often hard-hit urban centers.
We are anticipating this trend to hold steady for some time. George Ratiu, Senior Economist - Realtor.com
Okay, so the pandemic has been around for almost a year now; is it still a good time to sell? Hasn’t the demand for housing reached a plateau by now? That may be a common misconception; however, a closer look at real estate numbers will reveal that one factor contributing to the rise in real estate prices last year and at the present is that there’s not much supply to quench the surging demand for real estate housing. For our particular market, Senior Economist-- George Ratiu just advised our Canopy MLS "We are anticipating this trend to hold steady for some time". In fact, realtor.com ranked Charlotte as the no. 3 top housing market for 2021.
There are few reasons why this is the case:
Those who bought before the pandemic chose to hold on to their property in the meantime while observing how this pandemic will pan out. These investors/owners may have received some advice from their peers that panic-selling won’t do them any good and that things might turn around shortly.
They were lucky to buy the property at a time when the need for it had not risen yet. They are now actively enjoying its use considering the demand for more spacious environments to accommodate work-from-home and homeschooling setups.
Health care in our country is top notch and is allowing people to age in their current homes longer than ever before. Those who typically would be looking to downsize at this time in their lives have instead decided to do those lingering remodeling projects like kitchen and bath upgrades or additions of downstairs master suites.
Another factor why you don’t have to hold out in selling your property this year is that interest rates are still at all time record lows. This will encourage buyers to buy the property that they’ve been eyeing for some time, not to mentioned greatly strengthen their purchasing power.
As a property owner this is also beneficial for you if you own a starter home and want to upgrade. Now would be the best time to sell that property and move on to greater things like that larger backyard that will accommodate a family pool, for example.
If you would like to know more about the real estate market in Charlotte, I would be more than happy to discuss with you. You may reach out to me through the contact page on this website. I look forward to helping your 2021 goals become a reality!