Last year, some experts predicted that the housing industry would suffer due to stay-at-home orders and the recession brought upon by the coronavirus pandemic. Fortunately, although housing market activities saw an initial drop last spring, home buying and selling rebounded quickly.
Instead of a housing market crash, it has flourished.
According to a Federal Housing Financial Agency report, U.S. home prices increased by 7.8% from the 3rd quarter of 2019 to the 3rd quarter of 2020 — the fastest year-over-year climb since 2006. Home contract signings also rose by 20.2% in October 2020 compared to the previous year, according to the National Association of Realtors (NAR).
People are seeking more space, and ideal home features for work-from-home setups and virtual schooling. Add record low interest rates to this equation and you get buyers who are eager to move, which in turn has caused a large inventory shortage. As a result, it has become a seller’s market, and those who are willing to sell now can capitalize on the situation.
With the school year approaching its end, this is often a time when families are ready to make a big move. Despite a huge inventory shortage, we can still expect new listings to hit their peak in the spring. As you can see from the graph going back to 2004, every year there is a rise in inventory levels once the weather begins to warm up.
If you’ve been thinking about listing your home – NOW is the perfect time. However, in order to make your property as competitive as possible during this spike in inventory, it is essential that your home is ready to go and looks good.
Here are a couple quick tips:
Applying a new coat of paint is a relatively inexpensive way to give your home a fast upgrade. You’ll want to go with light neutral colors rather than quirky or bold so that potential home buyers can easily envision their own decorations and personal style in the home.
Matte finishes tend to look more sophisticated, and be sure to use a contrasting color for trim and doors — even if it’s two different shades of white.
- Upgrade Hardware
Give your kitchen an easy refresh by changing the cabinet pulls and knobs, updating the sink and faucet, or replacing old and dated backsplash tiles.
Doorknobs and hinges can be replaced with modern designs and colors like brushed nickel and bronze, or satin black. Modern lighting fixtures can change the atmosphere from dated to dashing with the flip of a switch. Speaking of switches, face plates and wall switches take seconds to swap, elegant wooden, ceramic, or metal covers add aesthetic appeal.
- Give the Exterior a Facelift
You only have one chance to make a good first impression, and the outside of the house should be standing tall. Power wash the exterior (sidewalks and patios too), trim back landscaping and trees, and clear out anything dead. You might also consider replacing a dingy garage door and painting the front door and shutters.
It only takes a minute for someone to decided if they want to enter your home, make sure it is appealing from the outside in.
- Consult a Professional
A seasoned real estate agent can help you tackle the selling process completely and competitively. They can also help you decided which cosmetic updates are best for your specific home and neighborhood, and which ones will provide you with the best return on investment.
Most realtors have excellent connections for all kinds of contractors, from painters, to stagers and everything in between.
Excited to seal your sale? Regan + Ferguson Group can help you get the best deal and navigate the booming local market.