Just like you read in the paper and heard in the news, the pandemic didn't slow down real estate. The market is still robust in many areas because of low inventory. Most buyers are getting their purchasing power from record low interest rates and fixed interest loans. And though the pandemic will force several families to lose their homes because of job losses, not all of them will end up with short sales (owing more than they can sell for) or foreclosures.
However, low inventory doesn’t mean that buyers are willing to buy or pay over list price just to get a house. Location and cosmetic improvements are still key to a quick and successful home sale. A seller may be in the best location in town, but if no home improvements were made in the last 20 years, don’t expect to get the same sales price as the neighbor who recently put on a fresh coat of paint, updated their kitchen, baths and/or staged the house.
We work hard to get our sellers the price they want by recommending improvements to best market the property. As one of our clients stated, "you made it easy for us, because your recommendations gave us options that led to a higher sales price than we ever expected".
As for buyers, bidding wars were real. Some homes in Arlington went $100,000 above ask price. Yes, you read that correctly! But we also reminded many buyers to not disregard the house with 1990's multi-shades of color. With a fresh coat of paint, you will have today's dream house in fifty shades of gray. We advised on expectations, affordability and best investments at a certain price point.
One happy client wrote in a review, "Thank you for not letting the yellow paint make me walk away from a great house that I ended up buying for less than list price".
So if you know someone who is looking to sell or buy, help us get the word out! We are here to help folks find home to buy or sell or even rent.
December 11, 2020