Did you know that in the 1st quarter of 2020, home sellers realized a $67,100 price gain on a typical sale? This was up from $66,264 in the fourth quarter of 2019. With the pandemic, many people worry that the real estate “sky” is falling and worry about buying a home at the top and having their home values decrease. Looking at the housing market now and what it will likely be in 2021 can help you develop a sense of calm whether you’re buying or selling.
Continue reading this article to learn more about selling your home and some important tips you should know when you want to do that in the new year.
1. Let’s Get Digital
When selling a home, it’s easier than ever to do most things online. You can put photos up, video up, do virtual tours, and much more.
In fact, if your house’s listing doesn’t have this in place, it will be much more difficult for you to get people to pay attention to it. Failing to set up a digital presence means you might not even get people out to look at your house, let alone getting a sale.
2. Get Used to a Seller’s Market
At this point, sellers are winning big in the market, and the experts agree that you should settle in. The seller’s market isn’t going anywhere at the beginning of 2021, and it could continue throughout the rest of the year.
Interest rates are low, and inventory is low, so people need a place to stay, and they want to pay these very low-interest rates.
3. New Houses
With such low inventory, more people turn to buy new houses. You can look around and easily see developments going up and quickly occupied by their new residents.
While buying a new house might sound great, you have to keep in mind that it can take around eight months to build a home.
4. Don’t Be Afraid to Ask for More
As a seller, you can ask for more than you can in a buyer’s market. You can ask for full-price and all the closing costs without people thinking twice.
Keep in mind that if buyers get into a bidding war over your home, you can always ask for more and see who comes out on top. On the other hand, if you want to sell quickly and don’t have a move-in ready home, you might be looking into selling my home as is situations.
5. Work with a Pro
Don’t use just anyone for your real estate agent. When you work with an agent that knows the market and knows your neighbourhood, you’re looking at a winning combination.
Interview people, and don’t be afraid to tell them you’ll get back to them after speaking with other professionals. This is a big choice and can make a major difference in how many thousands of dollars will find their way into your pocket.
Navigating the Housing Market Like a Pro
Now you know more about the housing market of the upcoming year. When you get ready to sell your house, you have some ideas on how to get the word out and get the best price for your home.
Do you want to learn more about real estate and other important topics? Read more articles on our blog for additional help.