Written by Albert Hajdaraj, Edited by Serena Gendron-Hajdaraj

Click here to find out what your home is worth today.

It’s no secret that we are currently living in a bizarre time; the result of a virus that changed our lives – a pandemic whose aftereffects will alter the way we live forever.

Slightly over a year ago when COVID-19 first hit, normal life paused for (more than) a few moments. The real estate industry pressed that pause button as well. We went from expecting one of the hottest Spring real estate markets of all time to being lost in completely unpredictable, uncharted waters. Everyone was afraid. As uncertainty increasingly crept in, society chose to stay put and wait to see what would happen next. Homeowners who had planned to list and sell their homes reassessed and decided to hold off. Home buyers took a step back and decided it might not be a great idea to make such an important investment during what might become a recession.

A month and a half in, however, society started adapting to its new circumstances and we began appreciating our modest home offices, our great internet connections and modern technology.

Business meetings were being conducted from the living room via ZOOM. Our kids, our partners and our pets were home; and although kids and pets running around while we gave presentations to our bosses and coworkers served as comedic relief in a trying time, we knew that it would not be as funny the second and third time around. Many of us decided that we needed more space. We contemplated the idea of finding a new home with more space, where the office and the cat's litter box would not be in the same room.

Soon interest rates were at record lows and we were off and running. The end result? 2020 produced one of the most competitive sellers markets we’ve seen in years. Most homeowners cancelled their plans to sell and, despite that, buyers were more motivated than ever - determined to find bigger and better homes and take advantage of historically low interest rates. The pandemic that we thought would culminate in despair for the real estate industry ended up transforming uncertainty into a booming marketplace.

There was only one problem: because many of the people who were going to sell had decided not to list, the resulting low inventory caused buyers to have to compete against each other over very few available properties. Buyers were placing bids on the same homes, causing housing prices to rise drastically. The value of homes all across the country have risen. We ended the busy season here in Rhode Island with the median home price close to $350,000 - the highest it has ever been. (Click here to fill out our form to find out what your home is worth today.)

I decided to write this article now because, with Spring 2021 around the corner, we are facing the same problem - it’s a national crisis actually. Inventory has hit record lows and the number of home buyers is at a record high. Real Estate inventory is about 1.2 million houses short of a balanced market. In late December of last year and January of this year over 200,000 sellers pulled back from listing their homes, causing an even bigger issue.

It is now no shock to agents that if you list a home and price it well, you’ll get offers right away, you will likely be in a multiple offer situation and you could receive up to 40 offers from different and very qualified buyers.

We currently have about 1.3 month’s supply of inventory. In a healthy market, we would have about 6 month’s supply. For every good listing there are more than a handful of buyers ready to pay over asking and reduce contingencies to get their offer accepted.

I say this is the greatest time to sell your house in history because it’s true: this is one of the greatest opportunities for every homeowner who has had the slightest thought about selling. I believe that we will not live long enough to see another market like this and now is the time for homeowners to seize this opportunity.

Let me put it this way: if you bought a home 4 years ago for $300,000 and that home is in good condition today, you can most likely sell your property for 25% - 30% more than what you originally purchased it for. Where else can you get that kind of return on your investment?? I’ll wait.

Now is the time to take advantage of this historical opportunity. Click here to find out what your home is worth today.