Though the COVID-19 pandemic has brought many drastic changes in our lives, thanks to it, mortgage rates are at historic lows in 30 years. Because of this, a lot of homebuyers, especially millennials, can enter the real estate market for the first time. Finally, millennials can achieve the “American dream.”
However, as the pandemic caused an influx of homebuyers, the increased demand for housing led to a shortage of houses available for sale. By the end of October 2020, the housing inventory nationwide plummeted to a 3.9-month supply, which is 2.1-month lesser to a healthy 6-month worth of inventory.
In a recent report by Redfin, the number of active property listings reduced to 40 percent compared to the 2020 levels. Among the biggest inventory declines are areas deemed to be hot real estate markets such as Austin, Texas, Raleigh, North Carolina, and Riverside, California.
The Real Estate Landscape in 2021
Real estate experts dub 2021 as a strong “seller’s market.” The steady demand for housing adds to low mortgage rates, resulting in a serious imbalance between supply and demand.
Reports indicated that although inventory is expected to increase a little going forward, the housing market will continue to favor sellers over buyers this year.
Nonetheless, even when the sellers have the upper hand this time, it does not mean you have to do away with strategies to make your house more enticing to buy. Presenting your property in a good light means you can command a higher asking price.
Thus, consider the following tips when selling your house this year.
Tips for Selling Your House This Year
Tip 1: Work With An Experienced Real Estate Agent
Yes, you can still sell your property all by yourself, but getting help from an experienced real estate agent would do wonders and help you avoid any potential pitfalls.
Since licensed agents have quickly adapted to the current real estate landscape, they can sell your house faster. Furthermore, a real estate agent could help you get a multiple listing service (MLS). This helps a lot in giving you greater exposure to more potential buyers.
Apart from that, your agent will help you get the best deal out of your property and guide you through the whole closing process.
In the end, you will realize that paying the realtor’s fee is all worth it.
Tip 2: Declutter & Do Repairs
Even with the current high demand for housing, it is still advised to invest in some cosmetic fixes and repairs before placing your property in the market.
The simplest and easiest you can do is to declutter your home. A neat and spacious home is a huge selling point right now. Consider donating or selling those items you no longer need.
Aside from that, ensure you do minor and even major repairs and maintenance to your property. It is a major turn-off to homebuyers those houses that requires a lot of after repairs.
Have your roofing and drainage system checked, slap some fresh paint on the wall, and mind the curb appeal. Consider switching to a waterproof coating system for your patio. Not only will it look great all year long, but it will surely last longer.
Tip 3: Take Sanitation Seriously
Sanitation should not be taken lightly, even with the availability of vaccines. COVID-19 protocols must be observed in all phases of home selling.
When conducting a home inspection, try to minimize contact. Better yet, stay away from the property while your home is being inspected and have all inspections (structural, water damage, termites, etc.) conducted in one day. Once inspections are done, make sure you do thorough sanitation of your home.
Thanks to technology, home appraisers no longer have to conduct in-home inspections. Tools such as Zoom and Skype are handy to view your property’s interior and exterior for appraisal.
Nonetheless, when it comes to showing your home to potential homebuyers, some still prefer in-person showings. For these individuals, you have to ensure that your house’s crucial areas, such as light switches, drawer pulls, doorknobs, and countertops, are properly sanitized.
Tip 4: Utilize Digital Tools
Even though COVID-19 protocols have somehow relaxed, many homebuyers are still apprehensive when it comes to in-person home tours. But thankfully, you can always remedy this one by staging a virtual tour of your property.
You can use streaming services such as Facebook or Instagram live, but a 3D virtual tour gives potential buyers a realistic experience as if they are walking around the property.
When discussing terms and conditions with a buyer, opt to use teleconferencing tools. Lastly, when dealing with paperwork with the buyer, agent, and your lawyer, it is advised to utilize contactless document signing.
2021 is definitely a year for the sellers. Hopefully, with these pointers, you’ll increase your chances of getting multiple offers while avoiding home selling pitfalls.