Many experts are trying to predict what 2021 will bring for the housing market. Covid has made a huge impact on the US housing market and as we are hoping to see the end of the pandemic, we are hoping to see a recovery in the market.
According to David Howard, National Rental Home Council executive director, we need to be watching two things: supply and affordability. We don’t know if there will be enough homes for those that are looking to buy or what price they will be at. The prediction is that 2021 will see an increase from 5% to over 10% in annual sales.
The increase is predicted to be seen mostly in rural or suburban areas to seek out the lower cost of living.
“As companies announce plans to allow employees to permanently work remotely, high-tax cities will continue to see a talent drain as people relocate in search of cities with a lower cost of living.”
Jarred Kessler, CEO, and co-founder of EasyKnock
This is great news if you are looking to sell your home in the Louisville or Southern Indiana area! As a city with a lower cost of living, homes here have a greater likelihood of selling than places with a higher cost of living. However, if your house isn’t move-in ready it may still struggle to sell. With the economic issues that COVID has caused across the country, buyers may not be as willing to buy a home they will have to make expensive renovations to.
Joe Tyrrell, president of ICE Mortgage Technology, believes that
“We will likely see borrowers invest more in their houses and choose home locations in places that fit their lifestyles, versus the need to be close to offices or particular schools.”
This would be a large shift in priority for many Americans. Usually, the first question potential buyers have when looking for a house is “how long will it take me to get to work each day?” Now the question will shift to “where can I put my office in this house” or “where is a good space for the kids to be able to do at-home learning as needed?”
What does that mean for a seller? Consider pointing out spaces that might make a good home office, rather than presenting it as a spare bedroom. If you have a playroom in the house, show that it can also be used for an at-home learning environment. You may need to do some renovations to the house to bring it up to the new standards and requirements for a family living in this new normal.
This process will take a good deal of time, so if you need to make this sell fast (without having to do any of the major changes to bring your house up to date) you can easily sell your home to Kentucky Sell Now!
Your house can turn in to cash in your pocket! And if the experts are correct, it could be worth more in 2021 than it would have been in 2020!
Contact us today for a free fair cash offer!