Real estate has experienced some major changes in 2020, and those shifts are expected to continue in 2021. If you are looking to buy or sell a home in the coming year, you might be feeling some anxiety about the market and what it might have in store for you. To survive real estate now is just a matter of being aware of what’s happening by looking to the past and following some tips to handle market shifts. Here is a survival guide for real estate on both sides in 2020, with a special tip for sellers.
Get ready for virtual
Because of lower inventory across the nation, homes are moving quickly, and going virtual is one of our tips for navigating a sellers market. Showings can be one-on-one or with a group like in a typical open house. When you do see a home in-person expect social distancing rules, masks, and hand sanitizer as the norm.
Prepare for bidding wars
Bidding wars are going to be a reality of buying a house in 2021. In HomeLight’s Q3 survey, 87% of real estate agents said that inventory is lower than they expected it to be, compared to 47% who said the same in Q3 of 2019. Multiple offer situations are almost a guarantee and 88% of agents said that bidding wars are on the rise or at their peak. Several respondents in the survey described the situation as “insanely competitive.”
Look at the return on investment
Finances may be unpredictable in 2021, and that means ROI is more important than ever. For sellers that means making upgrades that will bring in more at closing while watching your financial investment (think a partial kitchen upgrade instead of a full-remodel). Buyers will want to consider only what they will pay for a home, but how their neighborhood, town, or city might shift the market (working with an expert real estate agent can help you to navigate this).
For sellers: Get your home in shape
We have a special tip for sellers about navigating this market. Get your home ready for its time in the spotlight. Key actions to take are purging unwanted items to donate or toss, and deep cleaning your home — focusing on often overlooked spots like ceilings, drapes, or under furniture. You can also consider DIY home staging, moving furniture around and changing lighting to create a space that will be inviting for potential buyers. And don’t forget about curb appeal — that is how does the outside of your home present itself? Specific tips for curb appeal improvements to make before selling include assessing your front yard, taking care of weeding, and considering adding planter boxes with colorful flowers, and covering up patchy grass areas with a succulent garden (depending on your climate).
While there might be a lot to be stressed or worried about in 2021, with these tips buying or selling a home can hopefully contribute to those feelings a little less. Work with a real estate professional to help you on your journey and you will be on your way to success.
My name is Amy and i’ve been a passionate blogger about life, love and travel for many years. I first started blogging in 1997 and it’s been quite a journey since then. I keep my blog up-to-date on a weekly basis and you can also follow me on my Twitter account here: Hello