With stay at home orders and social distancing guidelines taking effect just as the traditional spring home-buying season was about to get underway, you might be wondering if there will be a good time to sell your home in 2020.
Fortunately, there’s good news for homeowners who want to sell this year — there’s still plenty of buyers looking for real estate. In addition, real estate professionals all across the U.S. are quickly adapting to new methods to help clients sell and buy homes safely.
If you’re one of the many homeowners looking to sell their home in 2020, here are some things you should know about the current real estate market and where it could be heading.
Summer could be the new Spring
Springtime is typically when the real estate market starts heating up. Homeowners who list their homes from mid-April onwards usually find their properties receive more views and sell faster.
Before the COVID-19 pandemic hit, the housing market was extremely active, and many markets had fewer homes for sale than buyers. Because of this, homes were selling quickly, and the median home price had increased in many markets throughout the U.S. Although the real estate market has slowed down, many economists believe that it’s unlikely that we’ll see a repeat of the 2008 housing crash. The big question for sellers is — when will the buyers who have been sidelined by the pandemic start their home search again?
Historically the home-buying season follows the school year, with many buyers trying to purchase their new home before their kids go back to school. This could mean that the month of June could see an increase in home sales. Although sellers’ windows for finding a buyer will be shorter than in other years, homeowners could gain more interest from potential buyers and, therefore, a quicker home sale this summer. In addition, even if your home is more suited to young professionals than a family, buyers who put their home buying journey on hold due to the pandemic are more likely to extend their search into the colder months this year.
In both scenarios, if you’re thinking about selling your home this year, you should start preparing now for the new real estate season. Here are some tips on how to sell your quickly home this year:
Price Your Home Correctly
Pricing your home accurately plays a big part in how quickly it sells. It’s essential to research your neighborhood and local area and find out how much similar for-sale homes in your area are selling for. If you aren’t sure what your property could be worth — or have a unique property that’s difficult to value — you should seek the advice of a real estate professional. A local real estate professional will be able to assess your home accurately and ensure that you don’t list it too high — or sell it too low.
Get your home ready to list now
If you’re stuck at home right now with lots of time on your hands, use it wisely by preparing your home for the market. By cleaning your home thoroughly and taking care of any little repairs that might need doing, you can ensure that when the time comes to list, your house is ready to go. In this market, timing is of the essence, and presentation is vitally important, so make sure your home creates a great first impression on buyers.
Get advice from a real estate professional
Starting your research online is a great way to educate yourself on the local market; however, it’s no substitute for the experience and knowledge of a local real estate agent. Real estate agents understand the market and are an excellent source of information when determining the optimal list price, and the most effective marketing strategies for your home. Although many real estate agents are practicing social distancing guidelines, they are still continuing to work by leveraging technology to help their clients buy and sell homes.