2021 is being defined by its widespread seller’s market in most areas of the nation. With demand on an upward climb while housing shortages rage, home values are growing.
Now, Realtor.com reports median list price growth at nearly 14%, making for a prime opportunity if you are looking to sell. However, the home sales process — like much of the business we conduct — has been altered during the pandemic. For homeowners, this means new variables to keep in mind.
Here, we explore changing sales practices for the modern economy to help you achieve the results you’re looking for.
Appraisals are Changing
In the efforts to secure the safety of their workers, companies across industries have switched to remote work and contactless practices. For your home appraisal, this could mean a simpler, faster process.
Many appraisers are foregoing the on-site inspection out of COVID concerns. Instead, drive-by assessments or desktop appraisals are becoming more common. This means the appraiser will gauge the value of the home based mostly on property records and comparisons of the larger neighborhood market.
Increase your curb appeal and take care of any pressing maintenance issues to increase your chances of a high appraisal.
Anticipate Virtual and Drive-up Meetings
We all may be sick of Zoom at this point but for your closing appointments and realtor dealings, you should probably anticipate virtual conferences. Now, as many as 48 states have even allowed for virtual closing practices on home sales, meaning that you can sell your home from the comfort of your new one or a hotel room...or wherever you happen to be.
Additionally, some title companies are allowing for curbside closing. This entails driving up to the title office, signing papers from your vehicle, and passing them through to a mask-wearing agent. The result is an easy, socially distanced closing process.
Anticipate attending these different styles of meetings as you go about closing your sale.
Mortgage Processing is Taking Longer
While homes are flying off the market, the process of securing a mortgage may take longer than ever. Historically, one could expect a mortgage to be processed in four weeks or less. Now, the process is stretching longer atop all kinds of deals.
This is a result of several factors currently impacting the COVID economy. First, low interest rates have led to an explosion in refinancing and mortgage inquiries, meaning more work for finance professionals. These same low interest rates require more stringent lending requirements to avoid a bad loan.
All this comes down to a delayed mortgage lending process that can make home sales take longer. Plan for these delays when selling your own property.
The Listing is Everything
Last but definitely not least, your home listing will be the most powerful tool in your arsenal for selling your home successfully. Because of the difficulties of visiting properties in person, buyers are increasingly examining home listings more critically before moving forward. The right listing can launch a lucrative bidding war for your property.
Your home listing should include everything from high-quality images to 3D virtual tours of the property that allow buyers to more clearly imagine themselves in the home. These tools can boost buyer interest, increasing the number of offers you get in a short amount of time.
Find ways to streamline your listing for modern success before putting your property on the market.
Securing a Sale
In 2021, the real estate market is considerably different. Defined by technological trends and pandemic concerns, this bustling seller’s market makes for more virtual real estate business and longer processing times. Consider these complicating factors before listing your property to best secure a lucrative sale.
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