There is no doubt that the current economic conditions imposed on us via the COVID-19 health pandemic have caused hardships for millions of Americans. We have all had to alter our way of life to accommodate living and working conditions throughout this difficult time. Fortunately, things are beginning to turn around within some industries. Slowly but surely, businesses are beginning to adapt to a new normal to ensure the health and safety of everyone.

There is still, however, one large group of people that are still playing catch up: the homeowners that wanted to list their home in March 2020, but held off due to the fear of the unknown when it came to the real estate market. But we have good news! The good news is that the summer market is heating up, buyer traffic is increasing, and mortgage rates are at historic lows. If you want to sell your home fast, here are some points that can help provide you with some assurance and confidence to sell your home this summer.

1. According to the National Association of Realtors, 56% of homes sold in April 2020 were on the market for a month or less.

Even during these difficult times, buyers are still on the hunt for their next purchase. Many buyers have seen this time as a great time to buy as many state and individual companies have been implementing stay at home guidelines and social distancing orders, giving buyers more time than ever to research new homes on the market. This is also an excellent indicator for homeowners interested in selling their home as they’re able to see that even though some businesses remain frozen and in stand-still, the real estate industry is not one of them, and that the pandemic and previous economic downfall has not slowed eager buyers from acting.

With the real estate inventory lower and buyer demand more competitive than before the pandemic took place, houses that come to the market can stand out and sell fast. Sellers can anticipate a higher demand, shorter list time, multiple offers, and offers above the listing price. But most importantly, they will be able to experience a quick and painless home selling experience, especially in the mid-level price point.

2. Zillow recently reported a 5.9% week-over-week rise in homes being listed for sale.

At the peak of the pandemic, many sellers decided to pump the brakes when it came to selling their home. Fear began to rise after seeing the immense downfall of the stock market, mutual funds, and other investment vehicles in March 2020. Many sellers were fearful they would not be able to get offers within their price range, home values were depreciating, or that they would not be able to sell their home at all. Since many homeowners decided to wait until other markets showed a strong increase in value, many real estate markets across the country saw little increase in homes being listed on a week by week basis. But now, with economies beginning to open, many sellers are resuming their home selling plans.

3. The National Association of Realtors reported that the buyer demand is strong and/or stable in all 50 states.

Before the pandemic, the 2020 real estate market was supposed to be one of the biggest millennial homebuying years, including both investment and traditional homebuying. According to the National Association of Realtors, the buyer demand is increasing now faster than ever as more of the newer and recently hesitant homebuyers are seeing a movement toward stabilizing the economy. They are officially ready to take advantage of the homebuying experience, strengthening the demand across the nation. Taking this into consideration, with an even stronger buying demand and wider spectrum of buyers, this allows sellers to be in control.

Are you a homeowner interested in beginning the home selling process? Have you started to do market research within your area to determine median home sale values? If yes, you could be one of the many homeowners that has realized not all properties in your area are equal, and that many homes around you have negative equity or are unable to retain good resale value. Meaning when it is time to sell your home, you may receive less offers, offers under your asking price, or your home is listed on the market for far longer than you had anticipated. Though the wants of homeowners across the nation can differ, there are some universal factors that influence a home’s resale value – here are 10 home resale value factors to consider when preparing to sell your home.

Location

“LOCATION, LOCATION, LOCATION!”

Location is the most important factor for resale value. When a home is in a quiet neighborhood, with low noise and traffic, and close to amenities, it forces the appreciation of the home. Proximity to schools and day care services can also affect your home’s value. If potential buyers have school-age children or are interested in starting a family, having a home in close distance to schools can make or break the deal. Being located near schools or other childcare services can attract families as it eases transportation concerns and provides convenience.

Curb Appeal

Is your front path clear and inviting?

You never have a second chance to make a first impression. When selling your home, it is important to make people feel warm, welcome, and safe as they approach your home. The easiest way to do this is to boost your home’s curb appeal. You can typically retrieve a 100% return on the money you put into your home’s exterior updates. Sprucing up your home’s exterior with brightly colored flowers, new lighting, and some outdoor furniture can do wonders.

Mechanicals Are in Good Condition

Have your HVAC systems been upgraded?

Nothing attracts a buyer more than an updated heating and cooling system (HVAC), electrical system, plumbing system, and water heater. These systems have the potential to be expensive, so if left neglected, it will detract from your homes resale value. In contrast, updated, well-maintained home systems will increase your home’s values as well as justify your asking price.

Renovated Roof

Has your roof been recently upgraded?

The importance of updating your roof will depend upon your price point. If you live in a small suburban area in a cozy townhome, the costs will be less expensive and more manageable. However, if you reside in a higher price point within a metropolitan area, the costs will be considerably higher and a requirement to sell your home at your anticipated selling price. If your roof looks damaged, has missing shingles, or appears to need repairs, its condition will subtract from the home’s value if it is not repaired before being listed. Additionally, a roof in need of significant repair will prevent some forms of traditional financing as the home inspection report indicated an issue that needs to be addressed.

Windows

Are your windows crystal clear or do they show evidence of condensation?

Windows are viewed as the eyes of the home and one of the first features a buyer sees when approaching the home. Fogged windows are usually an indicator that the windows are starting to fail and need to be replaced immediately. Replacing windows, depending upon the amount the home has, can be a big-ticket item. Buyers know replacing windows can be a significant expense, so they will factor that into their offer price if the windows are not updated. Replacing windows, just like replacing home systems helps ensure a higher resale value.

Natural Light

Does your home have natural light?

In the game of first impressions, good lighting is one of the preliminary features to take into consideration when selling your home. Inadequate lighting gives buyers an uncomfortable feeling and can cause the house to feel cramped. Take down the drapes, open the blinds, clean the windows, change the lampshades, and allow the sunshine in! Lighting up your home is an investment that will bring a high value return so do what you must to make your home bright and cheery.

Updated Kitchen

How current are your home’s appliances, hardware, countertops, etc.?

You are not just selling your home; you are selling your kitchen! Creating a modernized and functional kitchen can add more than just value to your home, it can boost enjoyment of everyday activities like cooking, breaking bread with your family and entertaining your friends. On average, homeowners can recover up to 80% of the cost of a kitchen remodel. Essential updates can include installing new appliances, countertops, lightening, cabinet hardware, flooring, and/or a fresh coat of paint. Keeping with neutral paint colors creates a canvas for the buyer to envision how to personalize their new living space for their new lifestyle too!

Bathrooms

Does your home have more than one bathroom?

A one-bathroom home is fine for a single person or a couple, but most buyers in search of a family home will require more than one bathroom. Bathrooms and kitchens are what sell a home, they are the two most important rooms in a home so just as an updated kitchen adds resale value to a home, an additional bathroom adds resale value to a home as well. Buyers interested in purchasing their next family home insist on buying a home with more than one bathroom.

 

Open Floor Space

Does your home have an open and functional floor plan?

A home with narrow hallways, no dining room, and an unusual floor plan is a hindrance for many homebuyers. Homebuyers with families or interested in starting a family look for homes with a large living space. A home with an open, family-friendly concept, including a dining room, family room, and main living room will contribute to good resale value.

Lot Size

Does your home sit on a large lot?

One of the most desirable exterior home features that attracts potential buyers is a large yard. Homebuyers appreciate the beautiful scenery a large yard holds, and a patio provides room for family gatherings and entertainment. When selling a home, remember, a home that is very spacious, on the inside and outside, offers a special kind of peace. Large lots are often desired by homebuyers.

The COVID-19 health pandemic has caused unprecedented damage to the global economy and has negatively affected every sector in the economy, including the real estate market. But even with the current pandemic extremely present, the real estate world does not stop. Many homeowners who were interested in selling their home in the coming months are considering waiting until the economy stabilizes, pushing back deadlines they had set months in advance. While it may seem like this has posed an unfortunate turn of events for home sellers, there are just a couple adjustments that need to be made. As difficult as this time may seem, selling your home in this market is still possible as many buyers see this time as a great time to buy. Whether you are looking for an investor or a traditional buyer, with states and individual companies enforcing stay at home guidelines and social distancing orders, buyers have more time to research new homes on the market.

The social distancing and new health guidelines have inevitably changed the way people conduct their daily lives and how businesses operate. When it comes to real estate business, however, there are adjustments that can be made so that business does not suffer during these unfortunate circumstances. While COVID-19 is changing the way, selling your home is still realistic as homeowners can still conduct open houses and market to potential buyers.

Home sellers have now adopted to different digital marketing strategies to reach prospective buyers and showcase their properties virtually. Selling your home in the age of COVID-19 seems to be a new different world order that is expected to be the “new normal”.

Thanks to modern technology, home sellers, realtors and other real estate professionals are now using the following methods to showcase their properties to interested buyers.

Virtual Showings

Although virtual showings were existent even before COVID-19, many more home sellers have adopted this software. With using virtual showings, sellers can maximize their time and expand their audience by sending them through email to prospective buyers or placing them on real estate websites for public viewings. Sellers are also using virtual showings to take advantage of showcasing their homes in different dimensions, so buyers can see various components of the home.

The 3-D virtual tour software is great for home sellers in all price points. The video could also be sent to a videographer who may add music, lighting, or other effects to give it the finishing touch. A brief virtual tour of the home often gives a prospective buyer everything they need to decide if they want to pursue the home. Instead of putting efforts to open houses or MLS exposure, try sparking interest in your property with your own home virtual tour.

Leveraging Technology

As we are seeing more and more each day, technology is always changing. As a seller you can leverage technology to perform almost all the tasks involved in a real estate transaction. In the beginning stages, you can video chat to complete negotiations and contract details. Once your contract is drafted and ready to sign, you can use e-signatures from a scan or fax. Real estate professionals have quickly adapted to new closing guidelines and procedures, and you can as well.

Today, home sellers are now organizing for live chat and videos on different social media platforms where they connect with different home buyers. The advantage of live chats and videos is that home sellers can take buyers through a real time view of the property including its key features even if they are miles away. Also, home buyers can ask questions regarding specific features and materials used in the house and get feedback instantly. Virtual auctions have also gained momentum and more real estate players are now adopting to the new methods.

Creative Marketing

In this current environment, instead of relying solely on word of mouth and the MLS, creative online marketing techniques are becoming more attractive. The most common starting point for internet marketing is social media. With people working from home and having more time on their hands, social media traffic has increased immensely. A video tour of your property coupled with a responsive website and pertinent information is a great way to find the right buyer in this market. Digital and internet marketing companies are helping more people every day with different creative marketing campaigns.

Home sellers are using various online platforms to market their properties to reach a wider audience. With more targeted advertising, home sellers are now able to reach a more specific segment of the market as opposed to creating a vague advertisement. A mix of well-crafted property videos, photography and targeted online ads are helping sellers sell homes during this health pandemic.

Virtual Home Staging

With the ban on social gatherings, home sellers have now shifted from traditional home staging to virtual home staging. There are a handful of programs and applications that give you the ability to virtually stage your property. There are also plenty of skilled computer technicians who would love to give you some property ideas. This can be more appealing to the buyer as virtual staging allows the buyer to play with what they like and see the property through that lens. With virtual staging, home buyers can see the new look and imagine how they would feel if they owned the property. Virtual staging will never replace traditional staging, but it should not be something that holds you back from presenting your property in the best light possible.

As you can see, technology is helping to bridge the gap between home sellers and home buyers during this health pandemic. As these measures were introduced during unfortunate circumstances, they can still be implemented once health and social restrictions are lifted . At Dynamic Property Partners, we firmly believe in leveraging technology in all aspects to be more flexible with our audience and to also take advantage of one of the largest platforms available, the internet.