Shena Suleimanova

The average homeowner gained approximately $17,000 in equity over the past year. This is a 10.8% increase in equity over last year.

Not sure who is glowing more me or the turkey . Very thankful for all the wonderful souls that I come across. I truly believe that there is always a reason we meet someone. All of us are here to teach each other a lesson. Be kind. Share love and always think WHY. Learn from it and always look at the bright side! #grateful #thankful #blessed #bekind #spreadlove #liveandlearn #brightsideoflife #whatwethinkwebecome #weattractwhatwethink

Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big. This ideal moment in time to sell your house won’t last forever, though. With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd.

"The coronavirus without a doubt led home buyers to reassess their housing situations and even reconsider home sizes and destinations," said Jessica Lautz, vice president of demographics and behavioral insights at NAR. "Buyers sought housing with more rooms, more square footage and more yard space, as they may have desired a home office or home gym," she added. "They also shopped for larger homes because extra space would allow households to better accommodate older adult rel...atives or young adults that are now living within the residence." Among other updated statistics, this year's report includes two new sections on active home buyers and sellers during the COVID-19 pandemic. Purchases and sales that closed in April 2020 or after are considered transactions that occurred during the pandemic. The survey evaluated buyers' and sellers' behaviors prior to the virus taking shape and then assessed consumer and seller patterns in the midst of the outbreak. Buyers who purchased after March were more likely to relocate to the suburbs and were more likely to pay more for that home regardless of its location paying an average of $339,400 compared to $270,000 for those who purchased before April. Findings show those who bought a home during the pandemic are expected to remain there for 10 years. That is compared to 15 years for those who purchased prior to the COVID-19 outbreak. Five percent of buyers who purchased after March did so without physically seeing the home in-person, compared to 3% of buyers who purchased before April. Those who went to closing after March were less likely to be denied by a lender 2% compared to 5% for pre-April buyers. This group also had higher household incomes $100,800 compared to $94,400 for pre-April buyers. Lautz notes several additional, significant behavioral changes among home sellers due to the pandemic, including a desire from many to accelerate their transactions. "So many sellers were eager to get out of their old home and move to something bigger that would better meet their needs during quarantine," she said. The NAR report reveals that owners who sold in 2020 were more likely to say that their need to sell was "at least somewhat urgent." Those who closed in April or later were more likely to sell because their home was too small 18% compared to 13% of those before April. Sellers after March were more likely to use incentives to help sell their home, and they sold for 98% of the list price compared to 99% for those before April. However, those homes sold after March ultimately had higher selling prices $300,000 compared to $270,700 for those that sold before April. Fifty-six percent of homeowners who sold after March sold in the suburbs, compared to 48% who sold before April.