The Spring 2021 Real Estate Market
This continues to be a crazy year in real estate. I hope to break it down a little for both buyers and sellers to help you navigate this spring if you are thinking of making a move. Obviously, the current health crisis has played a big role in the real estate market. It has also made buyers and sellers realize that where they live or how they are currently using their space does not suit the needs of their family or job situations. This has made many people decide to make a change. Some people want to be closer to family or a job, some people have a different work arrangement and can move further from the office. Many families have decided they need more square footage or yard space because families are spending more time at home. Whatever your reasons are for changing your environment, there are multiple factors to consider.
Spring 2021 is the best sellers’ market I have ever seen! If you are thinking of selling, this year is a great time to take advantage of the active market we are experiencing.
What do you need to do to position yourself in the best way? First, hire a local agent! I can’t stress this enough… and not just because I am a local agent. Find a Realtor who knows your town, your neighborhood, and understands home trends are in your area. All towns are not alike, and it is important to have someone in your corner who is experienced in your town. Make sure they use professional photographers. This is not the time to cut corners! The rumors that a house will sell just because you put a “For Sale” sign on the front lawn may be partly correct, but selling your home, and getting the most money possible are 2 different things. Yes, inventory is low and houses are selling quickly, but it is important to continue to do everything you can do to attract the greatest number of buyers into your home.
A couple important things to do to get the highest price possible are to stage the house correctly, get the right photography done, and market the house in the right newspapers, postcards, social media platforms and in Multiple Listing Service. Discuss the open house and showing strategy with your agent for the best exposure to buyers. Talk to your agent about the best way to possibly change the layout of your home to work with the current buyer trends. Many buyers are looking for home office space or homework rooms, and home gym areas are becoming more popular if people want to work out at home instead of the public gym. Your agent might suggest moving some of your current furniture around to stage the house with areas like these to show buyers possibilities other than formal living rooms or spare bedrooms.
Another important factor is to make sure your agent has the experience and negotiation skills needed to handle multiple offer situations, there is a completely different strategy when there are multiple offers on the table. Money is always the main factor but there are other things to consider that are just as important like financing, inspections, dates and more.
Are you looking to buy and are feeling frustrated? Don’t worry! I have some tricks! I am out there working 7 days a week trying to find homes for my buyers. I am constantly talking to sellers, buyers, agents and appraisers to keep updated on what is going on in this market. Showingtime, the appointment service many agents like myself use, said that buyer showings are up over 50% compared to last year. The simple law of supply and demand is that with the limited number of houses on the market, and the high demand from the increased number of buyers, makes this spring market even more competitive than usual! Many real estate experts, including myself, continue to believe there will be more houses coming on the market in the next few months. This will help the buyers that have been waiting for more houses and less competition to achieve their dreams of home ownership also. With the vaccine getting rolled out, more people are starting to feel comfortable moving and listing their house for sale. The right house is out there and as spring progresses, you will find more to choose from.
Make sure that as a buyer, you hire a buyer’s agent. A buyer’s agent costs you nothing! Buyer’s agents get paid from the sellers but are designated to work on your behalf. Make sure you are using an experienced agent to help you because there are special strategies to use in a market like this to help your offer get accepted without having to over pay for the house you want. And again, I would stress that a local agent is extremely important as a buyer as well. An agent that works in the community you want to move into will have more knowledge about what is coming up in the area for sale and might be able to get you into houses first.
So, as a quick wrap up, if you are a seller, I would suggest listing as soon as possible with an agent that will market your house properly to get you the most money possible. For buyers, be patient and hire an agent with the expertise needed to help you find and see houses quickly. Make sure your pre-approval letter is up to date and you are ready to move quickly if the right house for you comes on the market. As always, feel free to reach out to me for any questions or advice. My phone number is 978-407-2568 or email me at firstname.lastname@example.org . I am also hosting “Free Advice Fridays” over zoom every Friday at 5pm. So, if you would like the zoom link, send me an email and I will sign you up for that for you to log in and ask any real estate questions over zoom.