5 Reasons To Highly Consider Selling Your Home in Tampa Right Now

If you’re like most, it probably feels like forever since the COVID-19 pandemic started. Whether you were in Central China, where the pandemic originally started, or somewhere in the United States, which first saw substantial COVID-19 transmission in mid-March 2020, the past nine to 12 months has been especially slow. Even though the pandemic clamped down on the global economy, it might be a better time than ever before to think about selling your home.

Mortgage Applications — They’re Going Up, Up, Up!

Although Americans began hearing about the novel coronavirus well before March, it didn’t appear on most U.S. residents’ radar until the first week of March 2020.

On March 6, the Associated Press reported that a cruise ship just miles from the California coastline was full of passengers who carried SARS-CoV-2, the coronavirus that causes COVID-19. At first, 21 of the ship’s 3,500-plus passengers tested positive for the virus.

In the following days, the World Health Organization declared the coronavirus disease 2019 a global pandemic. Two days later, on March 13, President Donald Trump formally named COVID-19 a national emergency.

These Events Soon Thereafter Lead to Low Mortgage Prices

The Federal Reserve quickly responded to pandemic by cutting interest rates to practically zero. Countless Americans took advantage of the near-zero interest rates by refinancing their mortgages around mid-March.

Worried about the economic impacts of the then-young COVID-19 pandemic, mortgage applications plummeted. Just weeks later, they began to rebound. Since then, they’ve continually climbed higher and higher.

Right now, new mortgage applications are at a 10-year high. Although you can never be 100% sure that you’ll successfully sell your home when you put it up for sale, this nearly unprecedented spike in mortgage applications indicate that it’s a great time to sell your home right now.

Do You Have Extra Room for Zoom in Your Home?

As you already know, a massive influx of workers began working remotely in 2020. Although many have returned to their workplaces, the U.S. is home to more remote workers than ever before.

Many American households are looking for homes with rooms that would be well-suited for office space or dedicated Zoom rooms. If you’ve got extra room inside your home that you think you could market as ideal for working remotely, that’s yet another reason to find real estate agents in Tampa to help you sell your home.

Although Demand Is Up, Inventory Is Down!

Considering the COVID-19 pandemic is the world’s first global pandemic in more than 100 years, it’s only natural to assume that it’s to blame for everything that’s changed since 2019.

However, COVID-19 might not have had much to do with the American housing market’s current lack of inventory. Back in Dec. 2019, Realtor.com’s 2020 National Housing Forecast predicted that 2020’s real estate inventory would be sparse.

One major factor contributing to this phenomena is that Baby Boomers are choosing to age in place instead of moving to retirement communities. The average length of time someone owns a home has also grown longer, currently averaging 13 years across the country.

According to Basic Economics, If Demand’s Up and Inventory’s Down…

We’ll get straight to the answer: these economic conditions result in a market-wide price increase. End consumers aren’t the only ones paying more for homes right now. Even though they usually get great deals on property, real estate companies in Tampa are also having to fork over more dough. No matter who you market your home to, you’ll have the negotiating power to command higher prices from potential customers.