How COVID-19 Changed The Real Estate Market For Home Sellers in 2020

There’s no denying that the COVID-19 pandemic has completely changed day-to-day life in America. But how has it changed the experience and process of selling a home?

The 2020 National Association of REALTORS® Profile of Home Buyers and Sellers compared home sellers before and during/after COVID-19. Some of their key findings included:

• Homeowners wanted to sell both before and after COVID hit—but their reasons for wanting to sell changed. Prior to April 2020, the most common reason homeowners wanted to sell their home was to be closer to friends and family. After COVID hit, homeowners were much more likely to report selling because their house was too small.  In Mammoth Lakes specifically, most buyers/sellers wanted larger places since they need the space for working at home and room to accommodate distant learning for their children.
• More sellers relied on technology to sell their homes during COVID. Before April, only 16 percent of sellers used virtual tours as a tool to sell their homes. Once the pandemic hit, that number jumped to 27 percent.  Many agents (me included) added 3D tours to give potential buyers the feel of “being there.”
• Homeowners were able to sell their homes for a higher price after COVID.  Nationwide home sellers before COVID sold their homes for an average of $270,000. After COVID? That price tag increased to $300,000.  In Mammoth Lakes, the average price for condos sold in January 2020 was $428,000 and increased to $495,000 in October.  For single family homes, the average price for properties sold was $872,500 and jumped to $985,000 in October.

The Takeaway:

So, what does that mean for you? COVID-19 may have shifted the reasons homeowners are selling and the strategies they’re using to sell—but it’s also enabled sellers to sell faster and more profitably. So, if you’ve been thinking about selling your home, now is a great time to make a move.