Late 2019 and early 2020 looked very promising for home sellers. But then everything slid sideways when the coronavirus came on the scene. Listings dropped and sales decreased, and the very process of selling a house has changed. But it’s not all doom and gloom, and, in fact, early summer home activity is pointing towards a strong sales rebound – but there will be some differences. So let’s examine 4 ways selling a house will be different in Moreno Valley this summer.
1. Home Prices Will Continue to Rise Thanks to Low Inventory and Historically Low Rates
First, the continuing (though slowing) rise in home prices will make selling a house different in Moreno Valley this summer. “Overall, home prices grew slower in 2019 (3.3%) than in 2018 (5%). At the beginning of the year, real estate gurus were predicting home prices would only rise by 2.8% in 2020. Fast-forward to the end of June with 30-year rates under 3% for many buyers, a reported 30% less inventory than the 5-year average , and we are seeing multiple offer situations, buyers offering higher than listing price, and homes going into escrow in a few days!
Now, what this means for you as a seller is that you need to be aware that many potential buyers are currently being priced out of the market and more may be by the end of summer. As more sellers go on the market after delaying their entrance due to COVID, this in turn will eventually mean more and stiffer competition and fewer offers. So this summer, go on the market sooner rather than later, make your home stand out, price right, and aggressive marketing will be important.
Your local agent can help you get these critical components right. Call (951)331-3315 to find out more.
2. Millennials Will Make Up Majority of Buyers
Further, selling a house will be different in Moreno Valley this summer because millennials will make up the bulk of the home buying market. Last year, millennials – those people born between 1980 and 1998 – made up 37% of home buyers. And that percentage will be even higher by this summer.
So what, exactly, does this phenomenon mean for you as a seller? Consider these three things . . .
ONLINE LISTINGS MUST BE TOP-NOTCH
“Virtually all millennials (98%),” industry watchers say, “use the internet for their home search—and more than 80% of them found their home on a mobile device last year. So, you need to make the best possible impression on the internet.”
FEATURES/AMENITIES MEAN MORE THAN SIZE
For millennials, lifestyle benefits mean more than square footage. To attract millennials, then, this summer, you’ll need to emphasize, say, low commuting costs, nearby amenities, and quality of the neighborhood.
CERTAIN FEATURES MEAN MORE
In addition, millennials are looking for certain features in a home more than others. “Here are some of the top home features millennials want: laundry room (86%), hardwood front exterior (81%), patio (81%), garage storage (80%), and a walk-in pantry (79%).”
3. Virtual Marketing Will Rule
Selling a house will also be different in Moreno Valley this summer in that your marketing should focus on virtual marketing. This means chiefly online 3D home tours, but there are a couple of other important tactics.
In-person open houses will be almost non-existent this summer, and that means many more virtual open houses. A virtual open house will still allow you to showcase your home’s best features to as many buyers as possible. But don’t neglect to consult your agent so that you can get the virtual staging right.
A growing virtual marketing tactic is the agent-led video tour. This is a digital tour “with a sales agent talking about what makes the house unique, special or perfect for an incoming family . . . It’sone thing to view a video that shows an upscale kitchen. It’s quite another thing to be able to ask an agent in real time via online video when the chef-quality stove was installed and if the counter is marble, granite or quartz. In this case, video isn’t the only medium to deliver a message; an agent can offer additional content via the spoken word.”
4. Remote Closings Are Becoming Popular, And Partnering With a Good Agent Is More More Important Than Ever
Another difference for selling your Moreno Valley house this summer will be the growing number of remote closings (in states that allow them). Remote closing allows the closing protocols to be met while reducing risky contact.
Here’s how remote closing works: “If remote closing is possible, title companies prepare the required documents and mail, and then email or upload them to a portal. The title company verifies personal information and identification by video, and the documents are signed electronically. Another option is using a mobile notary, who travels to a buyer or seller’s home or workplace to complete the closing to limit in-person contact.”
Finally, selling a house will be different in Moreno Valley this summer by virtue of the fact that partnering with a good local real estate agent will be more important than ever. These professionals will be on top of all the changes and will know how to best help you sell your house. A qualified local agent with a good sales track record will know exactly what it takes to make your home stand out and sell in the most effective way. Find out today how our team of agents can help by calling (951)331-3315 or sending us a message!