Things may be looking up for local real estate market

Q: Shortly after I put my home on the market, the COVID-19 pandemic escalated. We took it off the market at that time. When could be a good time to sell it? We really want to move.

A: I think this might be a good time to put your home back on the market. I fully understand why you took it off. Back then, it seemed like there was no viable way to sell a home with all of the uncertainty and guidelines.

But thanks to a rapid pivot by real estate professionals, consumers have been buying and selling despite coronavirus-related restrictions. By implementing virtual tours and virtual open houses, along with digitizing much of the transaction process, savvy agents, sellers and buyers have been able to close deals. We are lucky in our area that real estate was considered an essential business early on.

If you are anxious to sell your home, consider the following:

While people have been staying home, web search activity is increasing – creating new exposure for your for-sale home.

With total inventory down 19 percent, according to Realtor.com, there is less competition in the market.

Unbelievably low interest rates present new opportunities for buyers who might have previously thought they couldn’t afford the home they need and want.

Buyers in the current marketplace are usually highly motivated, either because of the need to relocate quickly or because of the investment opportunity today’s climate presents.

Although median listing prices are still growing at a slower pace than prior to the COVID-19 outbreak, they are expected to regain some momentum in the coming weeks as restrictions relax.

As Realtors have quickly developed expertise in marketing your home virtually and providing safe environments for showings now that they are allowed, you can have peace of mind that your home will be sold safely, effectively and for a good price.

Given the specifics of each particular situation and market, local expertise is more important than ever.

Send your question and look for your answer in a future column. Email Lynne@LynneFrench.com. French is the broker/owner of Windermere Lynne French & Associates. Contact her at 672-8787 or stop in at 6200 Center St., Clayton.