The economic fallout from the pandemic has hit the real estate market hard. Many sellers have pulled their homes off the market citing a risk of exposure and financial uncertainty. According to the National Association of Realtors, the number of homes for sale fell by about 19.7% in April. But experts warn that the figure could be higher right now. The drop has also created something else that you should consider when selling your home- a seller's market.
Understand A Seller's Market
In a seller's market, the number of buyers exceeds that of sellers. For instance, while several sellers have removed their properties from the market, studies show many buyers are still in the market.
In a recent study by OJO Labs, 20% of buyers said they're speeding up their home-buying process due to low-interest rates. Many think it's the perfect time to get a great deal. And while it may seem like a fabulous time for sellers, it's not that simple.
The pandemic has also changed buyer expectations. So if you want your home to stand out from the few options available, you must strive to meet their demands. If you're wondering how, here's how to prepare your home for sale in a seller's market during these unprecedented times.
Focus On Front Door Areas
In a seller's market, buyers know they must move quickly. As such, first-impression matters to them. So if you want your home to have that "wow" factor from a distance, pay more attention to areas around the front door.
You don't want potential buyers ignoring your home because they noticed minor imperfections and assumed the entire house is not worth looking at. How to do it?
- Clean your mailbox
- Replace your welcome mat with a new one.
- Remove storm doors
- Repaint the front door
Clean The Entire House
Now that you've managed to attract potential buyers into your property, it's time to keep them hooked. And what better way to do that than by ensuring your home is spotless and refreshing?
During this pandemic, everyone is focused on cleanliness. If your home is dirty, many buyers will leave and might never look back.
So dust on top of the fireplace, clean counter tops, polish your appliances and give your windows a thorough washing.
Let There Be Light!
A bright house looks bigger, inviting, and cleaner than a dark, closed house. This explains why many real estate agents prefer opening blinds and curtains before showcasing homes to potential buyers.
Therefore, borrow a leaf from them. Bring in more light into your home by replacing blinds and curtains with pocket-friendly options that allow natural light to pass through.
Repaint Walls With Neutral Colors
As mentioned earlier, it's wise to eliminate anything that can turn off potential buyers. And one area that many sellers tend to overlook the colors on their walls.
Real estate agents often report that certain colors like dramatic red can easily push away buyers. So it may be a good idea to repaint your walls with neutral colors like whites and tans as they allow potential buyers to focus on the spaces in your house and not the color on your walls.
Organize Your Closets
Nothing turns off potential home buyers like stuffed closets. It shows your house doesn't have enough space.
So find ways to make your stuff appear more organized. For example, invest in affordable organizers such as boxes and dividers. You can also get rid of items you don't need.
Selling a house in a seller's market created by COVID-19 might seem easy, but it's not. Even with few sellers and many buyers, some homes may not sell due to poor preparations. We hope these tips help you prepare your home without spending a fortune and hopefully get a good deal. Good luck!