The pandemic has accelerated many things. One acceleration that I’ve observed is the connected home. With more people working from home and building out more at home “comforts”, I’ve been asked more about connected home devices.
This year, I’m writing my version of a holiday gift guide with my favorite connected home devices.
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As you know, the housing market has been robust over the last six months. Redfin just reported that home prices had increased another 15% as of October 23rd, and 56% of its homes for sale went through bidding wars.
Much of this has to do with lower supply and higher demand, coupled with extremely low-interest rates.
So what should you do if you are in the market to buy? Should you wait and see prices level and supply increase? Or should you commit as prices continue to increase?
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We’re transitioning into fall with a robust residential real estate environment.
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New home construction is on a terror surging 22.6% in July.
Mortgage rates hit a record low in August of 2.88%.
If you are considering a new home, now is the time. Prices continue to rise back up to pre-pandemic levels and demand is rising with it, as seen with the surging new construction.
But right now we are in one of those rare moments where pricing is still leveling and interest rates are unbelievably low.
Carpe diem!
With that being said, here are my top four tips for getting the home you want right now?
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“Is it better to rent than buy?”. This is one of the most frequently asked questions I get from my millennial clients.
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As the pandemic continues to loom, folks are trying to move forward with positive changes. This can be seen in the current real estate market. People are taking advantage of low-interest rates and advancing home-buying plans.
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Like me, I’m sure most of you have been working from home during the pandemic. As cities begin to reopen I’m starting to assess how the big societal shifts that occurred will impact the residential real estate buyer and seller.
One shift that I believe will have an immediate impact going forward is the remote work trend, it seems to me that this trend is here to stay.
Below are my key takeaways on this trend going forward.
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As the current pandemic looms, parts of the economy are still moving. One of those is the real estate market.
Buyers are still researching, viewing, and buying homes. However, given the uncertainty, fewer sellers are listing, which according to the National Association of Realtors (NAR) is creating a greater inventory shortage.
This puts savvy sellers in a good position because buyers are still looking and there’s less inventory so less selling competition. More importantly, according to the NAR, in a recent survey, 74% of agents reported that sellers have not been dropping prices.
I believe that, given the lower inventory, if you’re a seller you have a good opportunity to cater to the buyers out there in need of the right property.
How do you cater to these buyers?
Below are some tips that can put you in a good selling position in today’s environment.
As you know, things look different on camera, and with buyers now viewing homes virtually it’s important to stage your home properly to ensure the camera effectively captures the space and dimensions.
On virtual tours, it’s extremely important to remove clutter so the space comes through clearly.
Additionally, you’ll want to arrange the furniture to show the maximum space on video as well as accurately depicting the dimensions.
I recommend taking some pictures as you’re staging your home so you can see what potential buyers will be seeing.
I’ve been giving virtual tours with my properties and I always ensure the rooms look great on camera before any showings.
Coming out of the pandemic, I believe that buyers will start placing a premium on spaces that were sometimes overlooked in the past. Here are three that I believe you should emphasize in your listing.
Home office space
I think the work from home trend is going to continue into the future. While I don’t think we’ll go to a complete work from home environment, I think more companies will start opening to the change, given the grand work from home experiment during the pandemic.
For this reason, a premium will be placed on home office space. So if you have space for a home office make sure it is emphasized.
If you don’t have a dedicated room for an office, consider staging the home to showcase how the space you have could be utilized as a small workspace setup.
Home gym space
During the pandemic people have become more accustomed to working out at home, thus learning how to and becoming accustomed to at-home workouts. This puts a premium on home gym space.
Do you have a nice gym in your condo or a nice dedicated space in your house with workout equipment? If so make sure it’s highlighted as buyers will be considering this as they are searching for homes.
Outdoor space
Personal outdoor space will also become even a greater premium. As people have become more and more restricted indoors personal green space and fresh air has become coveted. Do you have a terrace, patio, yard, balcony? If so, highlight it and stage it, this will be an advantage as buyers will start moving outdoor space up on the list of “must-haves”.
Are you considering selling your home virtually? Please contact me if you are in need of an agent to show you how to maximize the value of your home.
Spring is upon us and while these are unprecedented times, there is a silver lining in the real estate market. While stay-at-home orders are definitely affecting demand, this should only be short term.
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Have you spent time in West Midtown lately?
Whether you are new to Atlanta or a seasoned resident, West Midtown deserves your attention.
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