Real Estate Market Insights
There is good news if you are interested in selling your home right now. Inventory is low, home prices are up over 9% from last year, and homes are selling, on average, four days faster.
Combine those figures with these. Freddie Mac’s mortgage rate is at 2.88%. That means that for anyone who is looking to buy a home right now, they can stretch their budget a bit because their money will go farther. The unemployment rate is down to 10.4%. Of all the jobs lost because of the covid-19 pandemic, 40% have returned. Buyers are beginning to feel more financially secure.
Members of the millennial generation will be the majority of this year’s homebuyers, predicted to approach 50% of all buyers. For the most part they are now well established in their careers and feel like they have some financial stability. They are now ready to make their move into home ownership.
In order to sell your home quickly to one of these buyers, the home must have features that appeal to them. They are the “online” generation. They communicate with each other online, they order their groceries online, and they even order their carryout dinners online. They are too busy to do things the way the baby boomers did them.
Features That Appeal to Millennial Buyers
Smart Homes – they want things like Ring doorbells, Nest thermostats, and lights that can be controlled by an app on their phone. If your home doesn’t have these types of features, they can be added at very reasonable costs. If you want to go the extra mile, upgrade your home’s appliances to “smart” ones. Newer ovens and refrigerators can be controlled through apps. These may be higher dollar upgrades but their cost will be returned in your home’s sale price.
Added Storage – closet systems, mudrooms with cubbies for coats, shoes, and backpacks. Consider adding extra shelving and racks for bicycles, kayaks, or sporting equipment in the garage.
Hardwood Floors – they haven’t got time to juggle multiple careers, multiple children, and they definitely don’t have time to vacuum carpeting. Hardwood floors are the “in” thing for them.
Outdoor Entertainment Space – an attractive deck or patio area is a plus. They like some place outside to sit and relax and watch the children play before bedtime. Adding, or showing off, an outdoor theater projector helps show them the relaxing possibilities of your home.
Green Anything – buyers are becoming very energy and environmental conscience. Being able to say your home has “green” features, whether it’s energy saving windows, water heaters, or an HCAV system is appealing to buyers.
Your REALTOR® Can Help
Homes are selling quickly IF they are presented to the public correctly. A good REALTOR® understands this and knows how to attract today’s buyers. With their help you can expect to receive offers within days instead of weeks. And possibly more than one offer, so don’t feel compelled to jump at the first one. Take your time and think things over. As stated earlier, inventory is down. There will be competition for homes that meet today’s buyers’ interest.
A real estate professional knows how important virtual tours are when selling a home. Remember who these buyers are likely to be. They shop with their phone or their tablet. Being able to see the home before they actually visit the home is of critical importance.
Your home is probably worth more than you think. Talk to your realtor about the asking price, set it at or slightly below market value, and watch the offers come rolling in. It won’t be long before you will need to have that realtor start looking for your next home.
Karl Kennedy, Author