The COVID-19 pandemic has put a strain on everyone in every industry. The real estate market is no exception to this, and it was more challenging to sell a home in 2020 than in previous years However, there is hope that the struggle to list, show and sell a home will become easier in 2021, making it an opportune time to finally follow through on your home sale plans.
Reviewing the current housing market and how we got here
The housing market in 2020 was certainly thrown a curveball. The pandemic hit with little warning, and home sellers, buyers, real estate agents and everyone else involved with the home sale process had to find a way to safely list, show and close on homes. The pandemic is not yet behind us, but we are currently in a place where the industry has learned how to safely show and sell homes.
Increase in home listings and purchases
The pandemic is not behind us, but we are much closer than we were. The vaccine appears to be effective and is currently being distributed. Many expect home listings and purchases to both increase as the year goes on, capitalizing on lower interest rates while also enjoying a safer experience. In other words, the supply of homes will increase, but you may not have trouble finding qualified prospective buyers, which means your home has a reduced chance of sitting on the market longer than you desire.
Higher utilization of technology in the sales process
Technology became a key component of selling homes in 2020. For example, the industry utilized virtual home showings, remote closings, and online marketing techniques. The use of technology in home selling may decline in 2021, but certain aspects of the technology may continue. Offering these options to prospective buyers is a great way to increase the likelihood of selling your home quickly in 2021.
The distribution of the vaccine and how it affects home sales
The distribution of the vaccine has already begun on a large scale. However, t may take several months to notice a return to normalcy. Many do expect less of a need for certain safety precautions, making it easier to show the home to prospective buyers. In addition, individuals who receive the vaccine may be more willing to purchase a new home, knowing they can do so in a much safer manner.
Should I sell my home now or in the latter part of 2021?
It can take some time to see the effects of the vaccine and see our economy and way of life return to a sense of normal operation. Until then, the number of prospective buyers may remain low. However, the number of sellers will remain lower as well. While you can certainly wait to sell your home later in the year, taking advantage of the lower interest rates can make selling your home now easier as it is hard to predict when the economy will return to normal.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129