More than 40 million people filed for unemployment in the US since the first “shelter-in-place” orders began back in March. While some people lost their jobs altogether, others found their hours severely reduced. We learned what “essential” really meant, too. As we begin to open back up, the economy still exhibits shaky ground around the country. Is now a good time to sell my Havasu home or should I wait a little bit?
Selling a Havasu Home During a Pandemic
Even with the turmoil of the last few months, the Havasu real estate market still reported home sales. Serious buyers needed to find real estate in Lake Havasu. And sellers paid more on average than they ever have before. When the pandemic first reared its ugly head, many sellers pulled their homes off the market. That meant our extremely low inventory got even tighter. This helped boost up sales prices. So, even though total sales dipped from the same time last year, prices still went up.
What’s Your Motivation to Sell?
Whether you should sell your real estate in Lake Havasu right now or not depends entirely on your motivation. Low interest rates might make upgrading to a new Havasu home seem more appealing. Maybe your equity grew so much since you bought it that you want to cash that in. Perhaps your employer decided to keep you working on an “at home” basis permanently as you need more room for a better home office setup. Did your family situation change over the last few months (death, divorce, children leaving the nest, etc.)? That could make putting your property up on the Havasu real estate market a very attractive option at the moment.
What to Do First
No one knows for sure how the next few months will go in the real estate industry. Talk to a few local real estate professionals to get their honest opinion about the current state of affairs. Ask them how buyers are reacting to the market. Do they expect dramatic price drops? How much can you expect to receive for your real estate in Lake Havasu? Are lenders tightening up their purse strings in the area? How many deals are actually closing? What is the turnaround time for escrows in the Havasu real estate market right now? Are they relatively quick or do they tend to be drawn out for a while? Do your research before deciding on whether or not to sell your Havasu home. Whether you choose to sell now or wait for a while, you have to live with that decision. So take your time to decide which course of action to take.
Alexis Steel – 928-303-2199
Keller Williams Arizona Living Realty
Search homes at: www.TheHavasuHome.com