Stuck at home? No end in sight? During these unprecedented times we are all having to figure it out. It is different for us all but it isn't all bad news.
In this post, we will explore optionality in the Real Estate market during COVID-19. As other Garrett Company posts have mentioned, now is a great time to sell your house. Inventory is low, so that means more competition amongst Buyers for your home as well as closing at a higher percentage of your list price. On top of that if you are in Williamson County, TN, property values have increased more than 12.5% over that last three years alone. That translates into equity toward upgrading, downgrading or rethinking the footprint you need to accommodate life as we now know it.
Realtracs data show that even in the year of a global pandemic closed real estate sales in Williamson County are up 13.4% when compared to the same time in 2019. See chart below:
Surprising? Maybe, but it shows that people are still buying and selling houses during a global pandemic.
If we dig deeper and explore the rationale we see few consistencies:
- Working from home means having dedicated space to conduct Zoom or other types of telepresence meetings
- Children enrolled in virtual classes may need separation form other work spaces to conduct their own learning environment
- Rethinking home layout, room separation, technological requirements are a key reason why people are making the change
- Sellers are getting higher percentages of their list prices and utilizing historically low interest rates to maximize their buying power for their next home. The value of a lower interest rate is really significant if you are going down 2-3 percentage points from where you are today. We recommend that you explore what is possible by reaching out to your lender or research local mortgage companies to find out specifics for yourself
- Influx of people relocating into the Greater Nashville Metropolitan Area. Whether its from high tax states or because of the job opportunities that are greatly increased with marquee companies moving here
- Amazing diversity and quality of life in Williamson County
- Covid -19 restriction on in person home showings are now lifted. While virtual tours are still available you can walk the floors in person if you prefer. In this new normal we are seeing people make offers purely based on virtual tours
Nobody knows when this virus will be gone for good but it likely is not in the immediate future. That's why more and more, we see real estate clients refusing to let the circumstances and uncertainty we all face slow them down. There's no time like the present to find out what is possible for you. Remember, the best time to have planted a tree was 20 years ago, the second best time is now. Give us a call, we stand ready to help you whether you are Buying or Selling.