Almost everyone will say that 2020 was one of the most challenging years, so much has already been written and more will be, as we continue to learn from everything we have gone through. Like most challenging times, people take stock of what they have and what they need. For me, this was definitely a much needed reset to “declutter” and focus on what is most important. Although this year brought so many challenges, this pandemic has catapulted us decades ahead of where we might have been as it pertains to so many facets of our lives.
Naturally, I think about the housing market, and I’m excited about the pandemic’s forced innovation that has improved the whole transaction process for home buyers and sellers.
For example, 2020 was the year of buying a home virtually. Yup, people purchased homes right in our own community without ever stepping foot inside. Hello virtual home buying! How did we get here? The pandemic changed the entire meaning of home. Your home is not only your house, it’s your office, playground, school, gym and yoga studio. Because of the pandemic people had a lot of time to take a look around and see what works and what isn’t working in their homes. This has also changed the process of looking for a new home. Over the last 12 months, selling and buying has evolved, and today's technology has propelled us forward.
Buyers are flocking from the city in search of more space both indoors and outdoors, and with mortgage rates at historical lows, now more than ever it’s a great time to buy. After a year of being in your home, today’s buyers are even more in tuned to what they want and need in their space, HGTV has helped shape and refine buyers tastes and they know exactly what they are looking for. Another big change, buyers used to have to visit a home to add it to their list of contenders, we know during these pandemic times not only is that not necessary, but even before COVID we learned the power of the internet when it comes to home shopping. Today sellers have 7-10 seconds to sell their home and those seconds are on a device anywhere in the world. If the buyer does not like the way the house presents online, they are definitely swiping left. According to NAR(National Association of Realtors), 90% of buyers home search starts online. That’s right, staging, high-def pics, 3D tours, immersion videos, are all necessary to get your home on that buyer’s shortlist and the best part, savvy buyers are willing to pay more money for move-in-ready homes similar to what they have seen on HGTV.
One of the biggest questions our team gets daily, is now a good time to sell? The answer is a resounding YES! Buyer demand is way up and inventory is tight. It does take an experienced agent to create an outstanding online presentation as well as negotiate the multiple offers you may receive. If you think you are planning on selling in 2021, here are a few tips to get you ready.
- Contact your preferred agent ASAP. Do not wait to “get the house” ready, teams like Mayer Realty Group of Compass are fully equipped with the right tradespeople and contacts to help take that work load off your shoulders.
- Agents can help you maximize your selling price! You may be making costly decisions that are not necessary in order to sell the house or you may choose not to spend money where you should. Agents like Mayer Realty Group can help you determine what you should or shouldn’t do.
- Smart upgrades, we are not talking about gutting a kitchen or a bathroom but we do know that small investments can help showcase your home online to drive that buyer into the house. Removing carpet, painting a room, landscaping are just a few small tweaks that can make a world of difference.
- Work with an agent who has experience safely hosting an open house during Covid. This has become increasingly challenging, we learned during Covid especially, that the open house is really the second look your potential buyer may need to make the best offer. Talk to your agent about their safety protocols so you can decide together what makes the most sense for you and your family.
- Market Value and Pricing Strategy: Working closely with your agent, comparing recently sold homes as well as what is currently available so you can strategically price the home. Buyers have access to way more information today than ever before. There are a multitude of online home valuations tools like Zestimate and others that give buyers a general idea of what they believe to be fair market value. It's important to work closely with your agent to determine the best listing price for the property.
2020 marked a significant year in the housing arena and the experts are predicting that once the vaccine is loaded into the masses and businesses start to open up, 2021 could be another tremendous year for real estate.
