Take a look at these 5 ways selling a house in Houston has altered in 2021 to get a sense of how things have changed. It should come as no surprise that the year 2020 and the Covid-19 pandemic threw global real estate markets into a loop. If you’re planning a move this year.
Supply and Demand
As things became more problematic near the start of 2020, both property buyers and sellers rethought their positions and began to rein in their desire and incentive to relocate.
This allowed owners to make changes to their properties that would put them in a better position once the market recovered, and it also allowed buyers to maximize their savings while carefully contemplating what they wanted and needed in a new house. In the spring of 2021, both supply and demand for homes increased rapidly as the global pandemic was brought under control and the population became more comfortable.
However, demand continues to outstrip supply, creating a perfect storm for sellers eager to leverage their position in negotiations. As a seller, keep in mind that if you need to find a new home, you’ll be in the awkward situation of being both a buyer and a seller.
Plan Your Open House
Regardless of the ways employed to adjust to life during Covid, it is responsible and considerate to consider assisting in the creation and reinforcement of safety measures when planning your showings and open houses.
This could entail skipping open houses in favor of private showings, or holding an open house with a limited number of people in the house at any given moment.
Make yourself informed with any municipal, county, or state regulations or guidelines that may exist, and do your best to put them into action.
Market Values Remain High
Due to supply and demand difficulties, market values have been and will likely remain high for the foreseeable future.
The most important thing to realize about value is that your home will almost definitely be evaluated at some time throughout the selling a house process. Your home’s evaluated value is not the same as its market worth. The perceived price a buyer is willing to pay for a property is known as market value.
So, if an appraisal comes back well below what you expected, don’t be discouraged into thinking you have no choice but to accept a low-ball offer regardless of market conditions.
Buyers Are in a Hurry
Many buyers and sellers believe they can handle the stress of purchasing or selling a house on their own, and few would be correct.
When talks begin, people begin to break due to a personal bond they form when they eventually select a home that they believe best suits them. When you add in a pool of buyers who are well aware of the current level of competition, you may find yourself dealing with purchasers who are on the verge of panicking.
If you feel uncomfortable or a buyer becomes belligerent during negotiations, do not hesitate to walk away.
Expect Fierce Bidding Wars
With the pressure on, it’s common to see multiple buyers attempting to outbid one another.
This could be fantastic news for you, but you must not allow things to spiral out of control. If you accept an extravagant bid from a buyer, their mortgage lender may refuse to grant financing if the proposed price is significantly higher than the appraised worth.
In other words, it’s in both you and the buyer’s best interest to not let bidding wars go too far.
Your Partner When Selling a House in Houston
If you’re planning on selling a house in Houston in 2021 and need guidance, contact us today at (713) 866-4000!