The housing market has experienced an exponential increase in demand for houses over the last year. As a result of this, it is a great time to sell your home. Let us tell you more about why it’s a great time to sell even though we are currently in the middle of winter and a pandemic.
Under normal conditions, selling your home during the winter could come with its unique challenges. You would need to make your home “seller friendly.” This means that you need to make sure that the home is updated, looks attractive to borrowers, and been cleared of any cosmetic problems. The walls should have a fresh coat of paint and there should be new flooring. Some folks complete a full renovation of their house from top to bottom This includes making sure every room looks good, updating any lighting fixtures, and making sure home appliances are up to date. The appraisal of your home needs to be on par with the asking price.
Another thing you would need to do in a “normal” market is set yourself apart. Before the pandemic happened, there was a slightly different process for viewing a home. There would be a showing where a realtor would set up sandwiches in the kitchen and stage the home so borrowers could see themselves living in the space. Viewings are important because borrowers need to imagine what their life could be like in the home.
House showings have been different during the pandemic. People cannot just walk into an open house, so the housing industry has gotten more creative. There are apps that borrowers can use to schedule viewings. Regulators have also placed limits on the number of people who can see a home at a time. Virtual home tours are becoming an increasingly popular way to look at homes.
The demand for new homes has come from an abundance of different places. When people sell their homes during the winter, it is typically harder because the supply is higher than the demand of the home. Currently, this is not an issue because the supply is not keeping up with the demand in the housing market. People who are currently working from home with their spouses and/or children are realizing they need more space.
When working in close quarters with others, it has made people come to the realization that upgrading their space would be beneficial. An issue some people have is that they are hesitant to move during the winter because this would interfere with a child’s schooling. Moving right now is a little easier than it has been in recent years.
Right now, it does not matter when you sell your house. The usual hurdle associated with selling your home during winter months could be the curb appeal of the home. The front yard or garden may not be as vibrant as it would be in warmer months. Imagine looking at a nice two-story house with a fresh paint job on the outside, a newly manicured garden, and a clean driveway. This entices the borrower to see what else the home has to offer.
The season changes are usually not as noticeable in states with a warmer climate, like Florida, Alabama or Arizona. In places where it is warm all year-round, this would not be an issue. With this in mind, it is a little easier to sell a home in states located in the southern parts of the country because curb appeal can be maintained.
The natural next question to have is what’s next. If you want to buy another home, you want to put your trust in a reputable lender. Rates are in the two’s, which makes it a great time to buy a home or refinance for a lower mortgage payment. If you’re prepared to take the next step, we can help!
The Home Loan Expert
