Winter is typically a slower season in real estate—but 2020 is poised to change that in a big way.
Low inventory, high buyer demand, and record-low interest rates are setting up this winter season to be one of the best seller’s markets in recent history—and if you’re thinking about selling your home, now is a great time to make a move.
But how can you take advantage of this historic market?
A recent article from realtor.com outlined the ways sellers can make the most out of this winter’s market, including:
- Price high. Typically you don’t want to price your home too high, but in a market like this, there is more leeway for you to list on the higher end of the price range for your house. This is due to low inventory, high demand, and low interest rates making it possible for a buyer to feel fine about paying a bit more for a house.
- Offer virtual tours. A lot of buyers are still hesitant to go tour homes in person—so, if you want your home to sell quickly and profitably, make it easy for buyers to tour your home without stepping foot inside. Virtual tours are a great way to allow buyers to get a feel for your home while still social distancing—and are an essential selling tool during COVID-19. Ask your Realtor® if they offer 3D tours — these have been very popular in 2020.
- Don’t accept an offer too quickly. In today’s homes, many homes are getting multiple offers—so don’t jump on the first offer you receive and say “yes” too quickly. Owners typically have 24 to 48 hours to respond to an offer, so give yourself plenty of time to consider the offer, allow any other offers to roll in, and make the best (and most profitable) decision for your home sale.
So, what does this mean for you? We are heading into a serious seller’s market this winter. So, if you’re thinking about selling, it’s important to understand the current state of real estate—and use that knowledge to take advantage of this historic seller’s market.