Selling your house is not a piece of cake, especially with this pandemic. How COVID-19 drastically changed our lives is an understatement. The pandemic affected us in so many ways — from our living arrangements to how we work, socialise, and even travel. During the spring months of 2020, the real estate market saw a noticeable drop in home sales.
Nonetheless, in the succeeding months, sales and demand eventually picked up. So the question now remains: Is 2021 a good year to sell your house?
Is 2021 a Good Time to Sell Your House?
A quick answer to that is yes. Though there was a significant home sales drop during the early part of 2020, it was only temporary, and by November, sales of existing homes rose to 25.8 percent from November 2019. According to experts, there seems to be no sign that home sales would slow down this year.
Two factors contribute to this trend in real estate: one, mortgage rates are at an all-time low since the 70s; two, because of this historic drop, the demand for housing increased amid the pandemic.
The annual interest rate for a 15-year mortgage loan was down to 2.61 percent, enticing eager younger homebuyers to grab this opportune time of purchasing a house for the first time. As the demand for housing surges, inventory becomes limited, giving sellers an upper hand in today’s real estate market.
High demand in housing sales does not guarantee, however, that your home is automatically sellable. There are plenty of factors to consider to make your property a must-grab among the listings. Thus, here are some tips on how to make your house sellable in 2021.
Top Advice for Selling Your House in 2021
1. Hire an Experienced Real Estate Agent
You can still sell your house on your own using a For Sale By Owner approach. But this has plenty of disadvantages. If you want to sell your property fast and at a good price, enlisting the help of an experienced real estate agent is highly advised. In this current real estate landscape, real estate agents are quicker to adapt than you are.
Furthermore, licensed agents can get you MLS (Multiple Listing Service), giving your property exposure to hundreds or even thousands of potential buyers. Though this would mean additional expenses, working with a professional realtor helps you avoid pitfalls.
2. Work with a Professional Photographer
Even before the pandemic, many buyers, particularly millennials, opt to use the internet to start shopping for their future homes. With the outbreak of COVID-19, all the more that people utilise online resources to look for houses to potentially buy. This trend will continue this year even with the availability of vaccines.
Since you will be posting your property online, investing in top-notch quality photos is crucial. First impressions last, and you want to give buyers a wow factor the first time they view your property online. Thus, you should invest in a professional photographer who can present your property in the best possible light.
3. Write Vivid Description of Your Property
One disadvantage of selling your property online is that some details of your house might not be conspicuous in the photos and videos you posted. Writing a vivid description of every space of your property helps paint a picture to your potential buyers how your home looks like.
Don’t forget to mention the main features and upgrades to get them all excited. Also, since many buyers are still hesitant to attend in-person tours, opt to conduct a virtual tour instead. This gives them a realistic experience of living on your property.
4. Renovate Your Unutilised Space
A dedicated workspace and home gyms have become in-demand amenities now that people are spending a significant amount of time at home. If your property has an unfinished basement, an insulated garage, or a spare bedroom, consider renovating them into usable space, like the ones mentioned ━ home gym or office space. Doing so could increase your home value.
5. Declutter & Upgrade
Lastly, decluttering should be on your list to boost your home’s resale value. Stage your home to look neat and spacious to potential homebuyers. Dispose of clutter by either storing them on rental storage units or selling them. Keep only the essential items. Remember, minimalism is trendy nowadays. So, better keep those trinkets away.
6. Work on Your Outdoor Space
Do not just focus on the interior of your home; make our outdoor living area stand out as well. A beautiful entrance and magnificent lawn on the block only entice potential buyers to snag your property right away. It does not mean doing major remodeling, though. Even a simple personalised doormat, trimmed hedges, and newly planted flowers could do the trick.
Selling your house this year could work out quite well given the current situation of the market. As mentioned, sellers today have the upper hand because of the surge in demand and low inventory. Nonetheless, keep tabs on any news concerning real estate to make a wiser decision this year.