Due to the COVID-19 pandemic, 2020 was a less than fruitful year for many. While some were preparing for another productive year, the virus certainly put many plans on hold.
If you put off your real estate endeavors last year, now may be a perfect time to dip your toes back in the water. In fact, sellers who put their home for sale in 2021 will surely sell both profitably and prompt — perhaps even more so than before the COVID-19 pandemic entered our shores.
Industry preparedness makes conducting business safe and easy
Understandably, inventory quickly diminished in 2020 following the spread of the coronavirus. Most homeowners were extremely wary of bringing a deadly virus into their homes for open houses or tours on the off chance the virus spread to their loved ones.
While the virus remains at large, there’s very little to fear when it comes to selling your home. In fact, most — if not all depending on your realtor — of your selling endeavours can be taken care of online.
If you’re concerned about selling 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, rest assured that the industry is very prepared to conduct business even without conducting business in person.
Buyer demand is high
While sellers were reluctant to join the market in 2020, buyers didn’t share the same hesitance. In fact, while inventory was not matching demand, buyers entered the real estate market enthusiastically in 2020.
One main reason? Companies shifted to permanent work-from-home environments. This not only removed the daily commute as a factor for many, but it also gave potential buyers the opportunity to seek cheaper accommodation away from major cities.
In addition, after most states implemented stay-at-home orders, many families were now stuck in close quarters with their family members. This led to many seeking out more space.
Possibly one of the most influential incentives driving buyers to the market, however, was the low interest rates. Back in December, these rates reached a record low and buyers were primed to take advantage. In fact, 97% of top real estate agents noted that low mortgage interest rates were boosting buyer demand in their market.
If you’re going to sell now, the demand is definitely there and buyers will surely jump on your property as soon as that ‘For Sale’ sign is planted in your yard.
Sellers will almost certainly receive a favorable selling price
The most enticing perk of selling in 2021? Due to intense buyer demand, homeowners can expect to sell for a satisfactory closing price. As of the last quarter of 2020, 74% of real estate agents claimed home prices in their market were on the rise, while 48% also noted bidding wars are also on the rise.
While this is good news for all seller’s, make sure to still prepare your home for sale as best as you can. Simple tasks, like upping your curb appeal and decluttering may increase your home value more than you think!