With any hardship, there’s always a light at the end of the tunnel. If you’re a homeowner looking to sell, you don’t have to look hard to find the silver lining of the COVID-19 pandemic.
While the pandemic led to financial hardships for many, there’s plenty of benefits homeowners can start reaping now that vaccine distribution is heating up and restrictions are starting to soften.
Now is the perfect time to sell your home, as the seller’s market has only increased in prevalence in the last year. In fact, sellers who put their home up for sale in 2021 will surely sell both profitably and promptly — significantly more so than before the COVID-19 pandemic ever began.
The increase prevalence of the seller’s market
Sellers were extremely reluctant to join the market once the pandemic bagan for fear of bringing a deadly virus into their family home. Buyers, however, did not share the same hesitance.
As many companies shifted to permanent remote work structures, buyers now sought cheaper accommodations away from major cities. As states implemented stay-at-home orders, families now needed more space to accommodate for their large families. Lastly — and perhaps most importantly — low mortgage rates, which reached a record low last December, made home-buying more affordable.
As buyers flocked to the market, sellers continued to press pause on their real estate plans. This led to extremely high demand and extremely low inventory. In fact, according to HomeLight’s Spring 2021 survey, 97% of real estate agents would describe their local market conditions as a seller’s market.
So what do you have to do to sell profitably and quickly? The answer, quite frankly, is not much at all. Thanks to low inventory and high demand, bidding wars are increasing across the country and home prices are rising. If you put your home on the market now, you’ll have buyers knocking on your door in no time.
Renovation projects that’ll put your home above the rest
So long as you have an experienced real estate agent on your side, you’ll have no problem selling under the current market conditions. However, if you want to sell for the best price, renovation projects are your best friend.
Buyer needs shifted dramatically during the pandemic, however, your first focus should still be the kitchen. Once the pandemic is completely behind us, homeowners will be eager to host at home. The top kitchen amenities for hosting, according to top real estate agents, include extra bar seating, a large kitchen island, plenty of storage space, and a wine fridge. These sorts of additions to your kitchen will attract plenty of buyer attention.
Next, look outside. Buyers are desperately seeking updated outdoor spaces, which is no surprise after a year of being cooped up inside. Fire pits, built-in grills, outdoor lights, comfortable outdoor furnishings are all top amenities buyers are looking for. However, beware of hefty investments — like installing an outdoor pool — that may not have the return on investment you’re looking for.