There’s great opportunity for today’s homeowners to sell their houses and make a move, yet due to the impact of the ongoing health crisis, some home seller are taking their time coming back to the market. According to Javier Vivas, Director of Economic Research at realtor.com:
“Home Seller continue returning to the market at a cautious pace and further improvement could be constrained by lingering coronavirus concerns, economic uncertainty, and civil unrest.”
For homeowners who need a little nudge of motivation to get back in the game, it’s good to know that buyers are ready to purchase this season. After spending several months at home and re-evaluating what they truly want and need in their space, buyers are ready and they’re in the market now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains:
“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”
The latest Market Recovery Survey from NAR shares some of the features and amenities buyers are looking for, especially since the health crisis has shifted many buyer priorities. The most common home features cited as increasingly important are home offices and space to accommodate family members new to the residence (See graph below):The survey results also show that among buyers who indicate they would now like to live in a different area due to COVID-19, 47% have an interest in purchasing in the suburbs, 39% cite rural areas, and 25% indicate a desire to be in small towns.
As we can see, buyers are eager to find a new home, but there’s a big challenge in the market: a lack of homes available to purchase. Danielle Hale, Chief Economist at realtor.com explains:
“The realtor.com June Housing Trends Report showed that buyers still outnumber home seller which is causing the gap in time on market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data with the change in time on market being most notable. In the most recent week homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 weeks or more longer than last year.”
In essence, home sales are picking up speed and buyers are purchasing them at a faster rate than they’re coming to the market. Hale continues to say:
“The housing market has plenty of buyers who would benefit from a few more home seller. If the virus can be contained and home prices continue to grow, this may help bring home seller back to the housing market.”
If you’re (home seller) considering selling and your current house has some of the features today’s buyers are looking for, let’s connect. You’ll likely be able to sell at the best price, in the least amount of time, and will be able to take advantage of the low interest rates available right now when buying your new home.
Why is Professional Photography Essential for Real Estate Listings?
We know you’ve seen them – those MLS listing photos that look like they were taken by the homeowner’s 6-year-old. Photos of messy rooms, blurry and/or dark photos and even exterior shots snatched from Google Earth.
We have clients who have refused to look at homes, based solely on the MLS photos when, in fact, we’ve seen them and they aren’t as bad as the photos make them appear.
First, it’s not the homeowner’s job to take photographs of the home – it’s the listing agent’s. Sadly, many agents will snap these photos with their smart phones or a cheap camera they bought on sale at Amazon.
We’ve read the statistics, however, and long ago we adjusted our marketing plan to include professional photography. And, here’s why:
- Studies show that, by and large, homebuyers looking at online listings of homes for sale won’t look at a home in person if the listing lacks photos.
- If the listing does include photos, homebuyers decide within 20 seconds whether or not they like the property.
- Ocular studies (following eye movements of website viewers) have found that the photo of the home is almost always the first thing viewed in a listing.
If these statistics don’t prove that a home’s presentation is paramount in getting buyers through the door, nothing does.
Another big reason to insist on professional photography comes from another study we reviewed. This one found that listings with photos taken by a pro are viewed 61 percent more than those with photos taken by an amateur.
Better yet, these homes can sell for up to about $19,000 more than the homes photographed by a novice (home seller).
Ask yourself (home seller) this: If all it takes is any old photo to sell something, why doesn’t Nike use its receptionist to snap their advertising photos? Because they, like us, know better.