Before the pandemic began, spring and summer were the ideal seasons to dive into the real estate market. The weather is nicer and people are eager for a new change. Yet, now that COVID-19 has plagued our nation, things have shifted quite a bit and industries like real estate has suffered in some way.
Luckily, things are starting to look up! Homelight released their 2020 Q3 survey and 92% of participating real estate agents say their market is about the same as it was pre-pandemic or it’s improving!
Here’s what real estate agents think is in store for their market this autumn.
1. Seller’s market
Almost everywhere you look, real estate agents are reporting it’s a very strong seller’s market in their area. At the beginning of the pandemic, sellers pulled their houses from the market because they were afraid, and rightly so. However, life has to go on and people are putting their houses back on the market to meet demand, as hoards of buyers are searching for a new home – perhaps the home of their dreams.
2. Limited inventory
Although sellers are putting their houses back on the market, the housing inventory in any given area remains relatively slim. It’s true that buyers have to be more cut throat when making offers (more about that later), sellers are in the perfect position to hold out for an offer they simply cannot refuse. What’s even more interesting is that because the inventory is limited, there are multiple offers being put in on any given property, thus resulting in a bidding war, which increases the price even further (much to the seller’s delight!).
3. Increased prices
To elaborate further on the two previous entries, a seller’s market always means that the seller is going to make out on top. They can list their houses higher than they would if it were an even market, but they do have to be strategic and sensible. They don’t want to list their properties too high, otherwise no one would even look at that property, let alone want to put an offer on it.
4. Remodeling fever
Wouldn’t it be awesome if you could tell your real estate agent what features your new house must have and they would find a house that has all of that and more? Moving into a turn-key property that you don’t have to do any work on is like a dream come true!
However, finding those rare gems is harder than one would think. That’s why many people are taking on remodeling projects, either before listing their house (if selling) or after closing (if buying). These reno projects can add value to the home while giving the homeowner the features they truly want… Or in the seller’s case, completing projects with the potential buyer in mind.
5. No-strings attached offers
Negotiating a real estate transaction can be complicated, frustrating and costly. Sure, your real estate agent is the one doing the wheelings and dealings, but when the house of your dreams is on the line, you’re going to want to put the best offer out there!
79% of participating real estate agents say that one of the easiest ways to get your offer noticed is by submitting a no-strings attached offer. What that means is submitting an offer without any contingencies, you’re willing to pay the asking price, you aren’t asking for seller concessions and you want to finalize the deal as quickly as possible.
The real estate market has always gone through ups and downs, and the pandemic has exasperated those rough spots. But, if you’re working with an experienced real estate agent, you’ll be able to weather the storm and come out with the home of your dreams, or a nice chunk of change in your wallet.
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