Despite the economic ups and downs of the past year, the residential housing market has seen immense success– especially for sellers. Home sales have absolutely soared, mortgage rates have hit record lows, and prices are skyrocketing. If selling a home is part of your 2021 plans, you’ll want to keep reading.
Real estate experts are predicting that this year’s market won’t be doing any slowing down for a few reasons:
Some buyers delayed moving during the pandemic, and they’re ready to get it done now.
Quarantines, strict regulations, and personal health were big factors that caused people to push back their plans for buying a new home but (after an entire year) with vaccines underway, cases declining in many areas, and warm weather on the horizon again, buyers are ready to make the move.
Families are in need of more space.
Many companies have moved to remote work permanently or for the time being, and an immense number of children are learning from home. This means the need for space has rapidly increased and families simply need bigger homes in order to combat it.
Proximity to cities.
Another effect of remote work is that employees no longer need to live in or close to cities. People are taking advantage of this and moving towards the coast where there’s way more space and way better quality of living. For shore towns like Cape May and the surrounding areas, this is a huge factor that is driving up demand.
Proximity to people.
Not only do people want more living space, but they also want more space between themselves and their neighbors. COVID-19 has turned many off from apartment buildings and onto single-family homes.
Buyers are looking for move-in ready homes
This means that renovated, turn-key homes are hitting the market and going under contract in a matter of days, sometimes hours. Money spent improving your home and performing small renovations can lead to a very sizeable increase in your home’s value. Always be smart with your renovations and don’t hesitate to contact us to make sure your to-do list can maximize your return.
All in all, there has never been a better time to sell your home. The Coastal Marketing Group not only has a wealth of experience in real estate, but we have dozens of closings during the COVID-19 market in our repertoire as well. Give us a call at (609) 884-4242 and speak directly to an agent about how to get started down the path to “sold and closed”.
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