Overall Home Sales Up Nearly 26 Percent Year-Over-Year
The pandemic has presented certain challenges in buying and selling real estate—but those challenges have done nothing to slow home sales.
According to data from the National Association of REALTORS®, home sales in the United States increased a whopping 25.8 percent from November 2019 to November 2020. Inventory is also too low to meet demand—which is driving up housing prices across the country.
“Sales for all of 2020 are already on pace to surpass last year’s levels,” National Association of REALTORS® chief economist, Lawrence Yun, said in the article. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.”
What does this mean for you? Thanks to low inventory and high buyer demand, homes are selling quickly and profitably and significantly outpacing 2019 sales—so if you’ve been thinking about listing your home, now is a great time to make a move.
If you are a buyer, you are still capitalizing on a market in an upswing. Don’t let the lack of inventory discourage you, just know what you are getting in to. Remember, in this market there will be huge interest and often multiple offers. Negotiating can be quick and aggressive and you may miss out on more than one home. Be sure you have an agent who can help you understand what to expect.