As we finally emerge from an unprecedented year following the outbreak of COVID-19, many are wondering how to recover from the financial hardships endured as a result of the pandemic.
If you’re a homeowner, the answer may be very simple, as the housing market is undeniably favoring sellers.
Most homeowners who planned to sell in 2020 pressed pause on their plans in order to keep themselves, their family, and their home safe. Now, however, these homeowners are primed to win big if they decide to sell. In fact, homeowners who put their property up for sale in 2021 will surely sell both profitably and promptly — more so than before the pandemic ever entered our shores.
Industry Preparedness Makes Conducting Business Safe and Easy
While buyers were still eager to conduct their real estate endeavours during the pandemic, sellers were understandably very hesitant, which led to a quick diminishment of inventory following the spread of the coronavirus. Headed into spring, 91% of agents said inventory was lower than they expected.
Most homeowners were extremely wary of bringing a deadly virus into their family home, which is a real fear when home sales usually include a lot of foot traffic in and out of the home.
With vaccines ramping up across the country, there may soon be little to fear at all. In the meantime, however, thanks to quick adapting by real estate agents, most of your real estate endeavors can be handled virtually.
If you’re concerned about selling your home now, ask your local realtor for information about new digital tools — including digital closing technology and virtual home tours. Even if 2021 brings with it another wave of the pandemic, the industry is extremely prepared to conduct business even without doing so in-person.
Buyer Demand Is High
As the world quickly adapted to the COVID-19 pandemic, homeowner needs also shifted. While buyers might have wanted to steer clear of the virus and put off their real estate plans, they were also pressured to provide more space for their family and better work-from-home and school-from-home environments. This meant jumping head first into the market.
In addition, companies shifting to permanent remote work environments sparked moves across the country, as workers had the opportunity to seek cheaper accommodations away from major cities now that commuting was no longer an issue.
Possibly the most influential incentive driving buyers to the market, however, was the low interest rates. Mortgage rates dropped to an all time low back in December, and, while these rates are rising, they’re still extremely low in comparison to normal market conditions.
Low mortgage rates make home buying much more affordable and continues to drive buyer demand across the nation. So what does this mean for sellers?
The Prevalent Seller’s Maker
High buyer demand and low supply can only lead to one thing: a seller’s market. In fact, according to HomeLight’s Spring 2021 survey, 97% of real estate agents would describe their local market conditions as a seller’s market.
So what do you have to do to sell profitably and quickly? The answer, quite frankly, is not much at all, so long as you have an experienced, reliable real estate agent on your side.
Bidding wars are on the increase in most markets across the country, while 93% of real estate agents claimed home prices are on the rise in their market. This means you’re almost guaranteed to sell quickly and favorably, so contact a real estate agent today!