There’s no two ways about it: 2020 was a topsy-turvy year. But one of the few bright spots to emerge from the pandemic is the real estate industry, which showed amazing resilience in the face of adversity.
As a result, many homeowners are wondering if 2021 is a good year to sell their property. If you’re thinking of putting your home on the market, here’s what you need to know:
Upward trend
While many sectors struggled because of the pandemic, Ohio’s property market not only withstood the headwinds but thrived despite it. Zillow.com reports that the state’s average home value grew 9.6% year-on-year last December. In an unexpected twist, the pandemic actually boosted the real estate sector because it fueled demand for bigger houses that are more conducive to working and studying from home. Moreover, it led people to move out of major cities and into less densely populated ones such as Cleveland.
The takeaway: It’s a seller’s market out there—don’t miss out on it!
Don’t dally
It’s not just about selling your home for the best price, it’s also about selling it as quickly as possible. Luckily for you, houses have been selling like Ohio’s famed buckeye candies recently. According to data from Realtor.com, it takes about 91 days to close on a home in Ohio—eight days less than the national average. That breaks down to 56 days to get an offer and 35 days to close the deal. Cleveland real estate is even more in demand, spending just 61 days on the market.
The takeaway: When opportunity knocks, sellers must respond quickly.
Buyer-friendly conditions
Part of the reason why homes are selling faster is the favorable mortgage interest rate. When the economy struggles, the Federal Reserve lowers interest rates to encourage borrowing and spur the economy. This affects mortgage rates, too, which have been sitting at near-historic lows. As of this writing, the benchmark 30-year mortgage rate is set at just 2.73%; just last year, it was at 3.51%. Because of these advantageous conditions, buying a home has never been more affordable.
The takeaway: Favorable mortgage rates make for very motivated buyers.
Crucial renovations
A few years ago, a home office was a nice-to-have amenity; after the pandemic hit, it has become a must-have feature. If you have a spare room or unutilized space in your house, convert it into a workspace instead of a guest bedroom. While the COVID-19 vaccine rollout will see more people return to the office, remote work is here to stay so make your property as work-from-home-friendly as possible. A good home office should have its own internet line, good lighting, plenty of storage spaces, and ergonomic chairs and desks.
The takeaway: Buyer demands have changed and your house should reflect those needs.
These are exciting times to be a seller, indeed. And to enjoy a smooth and fast transaction, be sure to work with an experienced agent like Michelle McQuade. Contact her at 440.823.2448 today.
And if you’d like more market updates and tips for sellers, check out our other blogs as well.