In March 2020, we disseminated a blog that discussed effective timing strategies in the housing market, right as we stood on the brink of the Covid-19 pandemic, uncertain of its duration. Now, in the heart of July, despite the persistence of low rates and a 27% year-over-year reduction in national housing inventory, the advantage remains with sellers. However, this state of affairs will not endure indefinitely.
As mortgage rates ascend and the pandemic recedes into history — hopefully, sooner than later — the traditional ebb and flow of the housing market, reflecting buyers' and sellers' behaviors, is likely to resume. The spring and summer months, characterized by children's school breaks and amenable weather, usually witness increased market activity, while the winter months show a slowdown, largely due to the inverse conditions. Yet, in bustling cities and expanding suburbs, the concept of an "off-season" barely registers.
As we anticipate a return to relative normalcy, it is valuable to consider the possible post-COVID preferences of buyers and explore cost-effective strategies to enhance your home's appeal to potential buyers.
Embrace Impeccable Cleanliness In this new era, Americans are scrutinizing the cleanliness of their surroundings more critically. Even in states where COVID-19 cases are escalating, prospective buyers often opt for virtual open houses. However, this doesn't negate the need for your home to be exceptionally clean, arguably even more so than if potential buyers were to physically visit. Beyond ordinary tidying and cleaning, ensure you haven't neglected certain areas, such as bathroom counters, bookshelves, tabletops, magazine racks, and outdoor sheds/garages.
The heightened awareness of cleanliness and clutter among buyers, likely to intensify post-pandemic, necessitates an extra effort. Strive to make all surfaces and areas gleaming, even down to windows and door knobs. A spotless and inviting environment will help buyers envision your house as their future home.
Accentuate the Dining Experience While minimalism might appear the norm, consider adopting a post-COVID buyer's mindset. The family dinner table has made a substantial comeback into our daily lives with the closure of bars and restaurants. An attractively set table can give potential buyers a sense of how their routines could adapt to your space. Any clutter in the kitchen should be cleverly concealed in drawers, and ensure there's no food residue lingering on cabinets or countertops. For an added touch, display fresh fruit or drinks on the counter. This accentuates the value of your living spaces, making them more appealing to potential buyers.
Highlight Indoor Greenery Months of indoor confinement have reinforced the allure of nature indoors. Even those who have been able to venture outdoors earlier due to quicker state reopenings have faced limitations as parks, trails, and beaches remained closed. Incorporating indoor plants or vases of flowers can create a warm, eco-friendly space that reassures buyers it's pleasant to be indoors. Ensure that any exterior plants or flowers are well-maintained and neatly trimmed.
Additional Pointers While buyers may remain cautious about house hunting for some time, creating a clean, safe, and appealing environment can redirect the focus away from the pandemic and onto the main attraction - your home. Apart from the above-mentioned tips, also remember to adhere to conventional buyer expectations, such as securely confining pets, limiting family portraits on walls and shelves, replacing all dead lightbulbs, ensuring walls are free of chipped paint, and repairing minor faults like broken knobs, cracked tiles, and leaky faucets.
If you're ready to sell your current home, let us help you finance your next one.
Reach out to a Mortgage Advisor at CrossCountry Mortgage today for more information.
Unsure if something will affect your loan approval process?
Let us know your concerns as soon as possible and we will answer your questions!