The real estate market has seen an incredible couple of years. From the slow-down during lockdowns to the buying surge in the last several months, it’s no surprise that home sellers today aren’t sure what to expect. Will the hot selling season continue or will we see a serious winter slowdown? In most housing markets and certainly here in Georgia, you can still expect to see motivated buyers through the end of 2021 and well into 2022.
The Recent Housing Market Timeline
For those who are curious about how recent events have impacted the Georgia and national housing market, it’s been quite the wild ride.
The Pandemic Dip: During the initial pandemic lockdowns and following travel restrictions in 2020, both buyers and sellers retracted from the market and postponed their moving plans.
The Spring Surge: However, as soon as the market began to open back up in 2021 (along with the warm weather and masking protocols), buyers actually surged into the market. Unsure of the future, even buyers who had planned to buy in future years (2022-2025) jumped their plans ahead to find a home sooner. This created a buying frenzy and a trend of bidding wars. Some home prices in key locations peaked while most sellers saw an increase in multiple buyer offers and competitively favorable terms.
The Savvy Slow-Down: As the bidding wars normalized, savvy buyers decided to wait out the market until demand ebbed and prices dropped from peak ranges. Today, demand is equally high but many bidders are letting the apparent frenzy die down in favor of better deals and more time for due diligence than a bidding-war market allows.
Low Inventory, Low Interest Rate
Whatever the demand ebb and flow, the housing market today is still a strong sellers’ market and a good time for home sellers for two reasons. The first is the low-interest rate. Mortgage rates today are hovering at a historical low and just starting to rise again. This makes it a very motivating time for buyers to close on a mortgage this year before the rates rise.
However, the second factor is even more important: The inventory shortage. There just aren’t enough homes on the market for total buyer demand. This means that every homeowner ready to sell will be met with eager buyers and high market demand. Now is the perfect time to sell your home for a great market price before the housing inventory catches up with demand or the interest rate starts to rise again.
Preparing Your Home to Sell in 2021
What steps should you take to make the most of selling your home in the 2021 housing market? While demand is high, the best price will always come from preparing your home to sell competitively. For most homes, a little staging goes a long way and in today’s market, even a home in poor repair will sell for a good price to home flipping (rehab renovation) buyers.
A repaired, repainted and staged home can often be negotiated over the listing price and sometimes well over the listing price. Take care of maintenance tasks and refinish any damaged surfaces. Have the appliances serviced and keep the maintenance reports for the buyers’ inspectors. Repaint and stage the home to reflect its architectural beauty and modern trends, then fix up the curb appeal for that first impression flash.
2021 is a Strong Seller’s Market
For home sellers who want to take their time and choose their best buyers carefully, now is the perfect time to sell your home in 2021. With the frenzy ebbing, buyers are less likely to make wild bids and more likely to come seriously to the negotiation table to close on a home they love. Contact us today to start your 2021 home selling strategy.