The early months of 2020 looked very promising for home sellers, but then everything turned uncertain once COVID-19 affected everything everywhere. Throughout Greater Boston, home inventory remained tight while sellers started emerging during the late Spring, creating another environment of bidding wars and properties that remain on the market for mere days.
The very process of selling a house has changed.
But it’s not all doom and gloom. In fact, home sales have already rebounded. Nonetheless, there will be many ways that selling a house will be different in Boston this summer.
1. Home Prices Will Continue to Rise
First, the continuing rise in home prices will make selling a house different in Boston this summer. Overall, home prices grew more slowly in 2019 (3.3%) than in 2018 (5%). And this year seems like it will be no different. In fact, real estate gurus predict that home prices will rise by 2.8% in 2020. So, you’ll likely see home prices continue to creep up, but most markets probably won’t have the explosive levels of appreciation as we’ve seen in previous years.
What this means for you as a seller is that you need to be aware that many potential buyers are currently being priced out of the current market. And this, in turn, could mean stiffer competition if you don’t price your home correctly. So this summer, making your home stand out, strategic pricing, and aggressive marketing will be even more important.
Our agents at NextHome Titletown Real Estate can help you get these critical components right. Call (617) 657-9811 to find out more.
2. Millennials Will Make Up Majority of Buyers
Selling a house will be different in Boston this summer because millennials will make up the bulk of the home buying market. Last year, millennials – those people born between 1980 and 1998 – made up 37% of home buyers. And that percentage will be even higher by this summer.
So what, exactly, does this phenomenon mean for you as a seller
Consider these 3 things . . .
ONLINE LISTINGS MUST BE TOP-NOTCH
Virtually all millennials use the internet for their home search — and more than 80% of them found their home on a mobile device last year. So, you need to make the best possible impression on the internet. NO CELL PHONE PHOTOS! Professional images and 3-D Tours are standard this year.
FEATURES + AMENITIES MEAN MORE THAN SIZE
For millennials, lifestyle benefits mean more than square footage. To attract millennials, then, this summer, you’ll need to emphasize, low commuting costs, nearby amenities, outdoor activities, and quality of the neighborhood.
CERTAIN FEATURES HOLD MORE SIGNIFICANCE
In addition, millennials are looking for certain features in a home more than others. Some of the top home features millennials want: laundry room (86%), hardwood front exterior (81%), patio (81%), garage storage (80%), and a walk-in pantry (79%).
3. Virtual Marketing Will Be Necessary
Selling a house will also be different in Boston this summer in that your marketing should focus on virtual marketing. This means chiefly online 3-D home tours, but there are a couple of other important tactics.
In-person open houses will often be by appointment this summer, with potential buyers touring properties one at a time at designated intervals. That means many more virtual open houses. A virtual open house will still allow you to showcase your home’s best features to as many buyers as possible. Consult your agent so that you can get the virtual staging right.
A growing virtual marketing tactic is the agent-led video tour. This is a digital tour with a sales agent talking about what makes the house unique, special, or perfect for an incoming family.
It’s one thing to view a video that shows an upscale kitchen. It’s quite another thing to be able to ask an agent in real time via online video when the chef-quality stove was installed and if the counter is quartz, marble, or granite. In this case, video isn’t the only medium to deliver a message; an agent can offer additional content via the spoken word.
4. Partnering With a Good Agent Is Even More Important
Finally, selling a house will be different in Boston this summer by virtue of the fact that partnering with a good local real estate agent will be more important than ever. With all of these changes and legal regulations, we can help you decipher the rules and keep you on track. Our Managing Broker Rory Gill is a Licensed Real Estate Attorney, and is well-versed on local Real Estate Law.
We know exactly what it takes to make your home stand out and sell in the most effective way. Find out today how our agents can help by calling (617) 657-9811 or sending us a message!
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