There are plenty of reasons to list your home in this market – low interest rates, little competition, shorter market time and a higher sales price to name a few. In a recent press release, REIN stated, “Strong and steady sales have reduced the average days on market for a listing from 46 days in July 2019 to 41 days in July 2020.” Even with that statistic, many sellers are finding themselves with multiple offers, above asking price, all within a 48-hour time span. Talk about a whirlwind… and a great position to be in!
In true 2020 fashion, the Hampton Roads real estate seasons have flip flopped. The uncertainty we all felt at the start of the pandemic caused potential sellers to second guess their timing and buyers to stall their dreams of homeownership during our most-recent springtime market. That slight hesitation presents summer as the new spring. It’s probably safe to say that fall will be the new spring, as some homes are selling before the “For Sale” sign even makes it in the yard!
Knowing the home-selling process will most likely move rapidly, here are a few things to think about before jumping into the market:
- Find a Local Agent – Having agent representation is more important than ever. Since the ball is in your court as a seller’s market, it’s important to have an agent you can trust and someone who can stand the test of this fast-paced market. When your preferred agent puts your home into the MLS listing database, you’ll gain maximum exposure on REIN.com and other broker and agent websites too!
- Set your Expectations for Safety – It’s vital that your family remains safe during the home-selling process. Most agents will come prepared with hand sanitizer, booties, wipes, etc. especially when it’s time to show the property. Livestreaming efforts have seen a tremendous uptick (and great results!) since the start of the pandemic and are a great complement to your in-person viewings. Discuss safety measures with your agent to make sure you are both on the same page.
- Find a Trusted Loan Officer – With rates lower than they’ve been in a long time, they could change at any minute. Find a local, trusted loan officer to get you pre-approved and locked into a good rate.
- Clear the Clutter and Donate – Start clearing out clutter, donating and packing now! In years past, you could leisurely work your way through your closets and family heirlooms while your home sat on the market for months on end. This market is moving too fast for you to wait. Before you start piling the boxes high, just be mindful of listing photos that will need to be taken, livestream tours, and in-person showings that are coming your way!
- Think Like a Consumer – This pandemic has highlighted for many what we like and what we don’t like about our current homes. While some plan to just redesign or reorganize and stay in place, buyers looking to purchase soon will be looking for designated office spaces, school rooms and desk nooks for their kids, and an outdoor space where they can retreat after a long day of telework. Brainstorming how to create those environments or storylines now will help when you go to list your home later.
- Have a Destination in Mind – Where do you want to go? Are you down-sizing or in need of more space? Once you’ve established your end game, walk through how negotiations may go and discuss a realistic exit strategy to implement once you’ve accepted an offer.
If you are ready to start making memories in a new home, it is best to team up with a local agent who is knowledgeable about the properties in the Hampton Roads region. If you need buyer representation, connect with one of REIN’s 8,000 agents to help you find the home of your dreams.
Not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. For local listings you can trust, start with REIN.com.
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