There is no doubt the pervasive presence of COVID has changed many things this year, some temporarily and some forever more. If you are a homeowner thinking about selling, it is important to know specifically how these changes have surfaced in the potential homebuyer. Their patterns, expectations, and desires have changed. We have condensed a useful list from Realtor Magazine that explores some of these new buyer behaviors. As a seller, get to know these COVID homebuyer behaviors and allow Corken + Company to help you use them to your advantage.
Buyers are anxious.
This is resulting in a hurried home search and buy process. They are looking at less homes before making an offer. And once an offer is made, there is a sense of urgency to complete the transaction. Homes are selling in an average of 24 days with many closings happening even sooner than that.
How to use it to your advantage? Be prepared. Maybe conduct a preliminary home inspection and appraisal before putting your home on the market. This way you can anticipate any potential problems and address them prior to accepting an offer. In addition, anticipate a quick closing by making plans to organize and move your belongings promptly. The more you can accommodate their urgency, the more likely you are to attract those especially hurried buyers and ensure a seamless closing for everyone involved.
Buyers have a specific checklist.
You can bet at the top of that list is a home office followed shortly by outdoor space, with pools and gardens earning lots of extra bonus points. The post COVID homebuyer is also looking for a generally larger house and room for guests or extended family. A bigger kitchen and space to exercise also made the list.
How to use it to your advantage? If you have been planning to make updates or extensions, it will likely be worth the time and financial effort to do them now. Sod the lawn, finish the basement, etc. It will also be worth the investment to stage the spaces that have so recently become high priority. A spare bedroom easily becomes a home office and a patio transforms into an oasis alfresco.
Buyers are leaving the city.
As more companies are allowing and even encouraging their employees to work remotely, it seems home buyers are less concerned with commutes. The relative location of their home to their work is less consequential which generally means a gradual movement away from city centers.
How to use it to your advantage? Meet with Corken + Company and discuss how to market and price your home strategically. Our team can help you understand the COVID homebuyer. If you are selling an urban home, consider highlighting the various attractive aspects of the home rather than depending solely on location. If you are selling a suburban or rural home, be sure to emphasize and capitalize on the location.
Buyers know family is everything.
Many buyers are looking for larger homes where their extended family can visit or even live permanently. They are also moving closer to family.
How to use it to your advantage? Again, strategy is important and Corken + Company can work with you to market and present your home accordingly.
Buyers have pets.
This pandemic has resulted in a surge of pet adoptions and purchases. Much of the potential post COVID homebuyer pool will be shopping with a furry friend in mind.
How to use it to your advantage? Highlight the pet friendly parts of your home: a big yard, hardwood floors, sturdy fencing, etc.
Buyers are buying for the first time.
Since even before COVID, there has been an increase of first-time homebuyers entering the market. Owning a home is becoming a priority for many young adults.
How to use it to your advantage? In this case, having a knowledgeable and personable representative on your side comes in handy. Corken + Company understands trends like these and knows how to capitalize on them to sell your home.
Buyers are moving.
Yes of course they are buying once, but they may be buying and selling again in just a few years. Post COVID homebuyers may be staying in their homes for less time than they have in the past as their priorities and needs more quickly shift around them.
How to use it to your advantage? Demand still outweighs supply and interest rates are low. This is great time to sell. Set up a consultation with Corken + Company as soon as possible to benefit from these unprecedented circumstances.
Read our source article here.