No one can deny that 2020 has been a challenging year. With so much upheaval and unprecedented events, you might feel hesitant to list your home. What might surprise you, however, is that now is an excellent time to sell your home.
The term “sellers market” could be music to your ears, if you are planning to list your home in 2020. This year, throughout Kenosha county, inventory is one of the biggest challenges for buyers. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), total housing inventory is down 18.8% from 2019. There are simply more people looking for homes, and homes are selling faster than ever. High demand and low inventory also means your home could sell for TOP DOLLAR or more.
Why is inventory so low in Kenosha?
- There is an extremely low supply of newly constructed homes or older homes for sale in the area.
- People are staying in their homes longer. Prior to 2009, the average time home owners stayed in their house was around 6 years. According to the 2019 Profile of Home Buyers and Sellers and the NAR: “In 2019, the median tenure for sellers was 10 years… After 2008, the median tenure in the home began to increase by one year each year. By 2011, the median tenure reached nine years, where it remained for three consecutive years, and jumped up again in 2014 to 10 years.”
- Despite the ups and downs of 2020, Kenosha is a growing community and ideally situated between Milwaukee and Chicago. More people are choosing to live here and move their families to the area.
Why is it beneficial to list your home NOW?
- Home demand is increasing. According to NAR, in May, after two months of decline, pending home sales shot up 44.3%—the highest month-over-month jump since 2001, when the index began.
- With low inventory, your home will sell fast. Homes in the Kenosha area have an average listing of 50 days, with some selling substantially faster in only days.
- With today’s historically low interest rates, there’s an opportunity for buyers to maintain a low monthly payment while getting more house for their money. Which means buyers are able and willing to consider larger homes.
- High demand AND low inventory equals conditions that are perfect for home sellers to get high prices.
This time of year is also an advantage to anyone looking to list their home. Besides reasons such as supply and demand, the fall season offers other advantages for a home seller:
- Traditionally, buyers tend to be highly motivated to purchase and move into their new home BEFORE the holiday season and the before the serious cold sets in.
- Curb appeal. Listing your home before the snow sets in is easier and more attractive. A few updates to your home’s exterior, raking the leaves and a few potential seasonal decorations, and your home will view (and list) more favorably. Add in the scent of freshly baked cookies to add to the coming holiday season feeling, and potential buyers will fall in love with your home.
One important point to consider when it comes to listing your home, at any time of the year, is selecting the right realtor. Listing with a local agency, such as Cove Realty, can only help your chances of selling your home for top dollar, with limited hassle and in record time.
Cove Realty ALWAYS prioritizes our clients’ goals and objectives, after all your home is one of the biggest investments you’ll ever make and we take that very seriously. We do everything within our power to make you our number one priority. Whether you are listing a $50,000 starter home or selling a $10,000,000 commercial building, we treat you as if our existence depends on it.
If you are ready to take advantage of Kenosha’s sellers market, contact Kim Boyle today to list your home.