The year 2020 is one we will never forget. The COVID-19 pandemic and subsequent market uncertainty have changed the real estate market as we know it. This change has left homeowners looking to sell their property worried about the present and future housing market.
To help them, real estate experts have come up with predictions on what to expect from homebuyers. For home sellers, the latest real estate trends may be a mix of welcome and unwelcome developments. However, we believe that after reading this, you’ll be able to make a more informed decision before selling your home.
1. Millennials Market Domination Continues
Millennials (people born between 1980 and 1998) took over the buyers’ market a few years ago. Since then, they have continued to dominate the market. According to the NAR, millennials currently make up 38% of homebuyers – the highest of any age demographic.
The primary reason for this domination is that millennials are coming of age. Many of them are finding suitable jobs and looking to settle down into life. Needless to say, this real estate trend will continue for a long time.
How can home sellers take advantage of this real estate trend?
- Enhance your online marketing: Most millennials make their house purchase research online. Therefore, home sellers should enhance their online marketing tactics. Make the best online impression by taking quality pictures of your home. You can also post listing videos of your property or make use of virtual reality technology.
- Include home location benefits: The location of the home can influence a millennial’s home purchase decision. For example, millennials want houses close to good schools or their place of work (low commuting costs). Therefore, you should highlight the location benefit of purchasing your home when listing it for sale.
2. More Focus on Space And Amenities
With the COVID-19 pandemic still very much around, work from home and homeschooling is the new norm for everyone. According to statistics, about 30% of the entire workforce will be working from home by the end of 2021. Also, 80% of parents are looking to keep their children at home for the school year.
This means homebuyers will be looking for space and amenities in their new houses. These two factors will help them feel comfortable and productive while working from home. These factors will also give children the freedom and privacy they need for their online classes.
How can home sellers take advantage of this real estate trend?
- Have the necessary amenities: You should focus on upgrading/renovating your homes to include essential amenities. Besides good internet service, some of the most requested amenities are workspace, technology, cost-effective appliances, etc. Having these will allow you to draw homebuyers to your property.
- Avoid expensive upgrades: It is easy to get carried away and start making expensive upgrades before putting your home up for sale. However, this can backfire as homebuyers may not be interested in them. Therefore, don’t make costly upgrades unless your buyer specifically requests them or you receive expert guidance that the feature will be sufficiently desired.
3. The Use of Technology to Market Homes
Continued social distancing means homebuyers can’t move around when shopping for houses like they used to. Also, they don’t want to put their life at risk of contracting the deadly COVID-19 virus.
So, what does this mean for home sellers?
The trend of using technology to market properties will continue into 2021 and beyond. This is cost-effective and time-saving. Additionally, homebuyers will feel safe as they can shop for houses and inspect houses from their home – without risking their lives.
How can home sellers take advantage of this real estate trend?
- Virtual tours: If you are looking to sell your house soon, you should include virtual tours in your marketing plans. If you can’t do it yourself, you should hire realtors who can – hint: Bost Redevelopment. With a virtual tour in place, potential buyers will be able to inspect your home from anywhere in the world.
- Aerial photographs: In the past, a potential buyer can drive around the house to check it. These days, they may not be able to. Hence, you need to take pictures that will capture your home and its surroundings. Therefore, use aerial photographs to showcase your home and its location benefits.
We Are Ahead of The latest Real Estate Trends!
The best way to take advantage of the latest real estate trends is to have a reliable realtor. This is where Bost Redevelopment comes in.
With our in-depth real estate knowledge and technology expertise, we are always ahead of the latest practices. We would use our marketing expertise to ensure you get the best buyer for your home at the maximum value possible.
Want to talk more about your options? Please leave us a message below with your contact information and let us know how we can help you. Remember that you get a 5-day cruise vacation for 2 if we successfully help you sell or buy a house, so, what are you waiting for?
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