Last year, in 2020, a total of 5.64 million existing homes — meaning they'd already been lived in by their previous owner, as opposed to new homes, which are built to meet homebuyers' demands — were sold across the United States, says the National Association of Realtors in a Nov. 2020 report. As of July 22, 2021, again according to the National Association of Realtors, the U.S. real estate market is currently slated to end the year with a total of 5.86 million existing-home sales.
Despite the fact the United States is still mishandling the COVID-19 pandemic response, continuing to be a world leader in areas such as total COVID-19 cases and cases per capita, the real estate market seems, if anything, to be positively affected by the pandemic.
Selling a Home for the Very First Time?
The pandemic has just about completely shaken up the U.S. economy — and, for that matter, the global economy at large. For example, used car prices have risen some 25% since the start of the pandemic back in mid-March 2020. This anomaly is a direct result of auto manufacturers clamping down on production soon after the pandemic started a year-and-a-half ago.
Similarly, existing homes' sales prices have also risen dramatically. In June 2020, for example, the median sale price of an existing home in the United States was $294,000. Since then, according to a recent release from the Federal Reserve Bank of St. Louis, median home sale prices have risen a whopping 23.5%, all the way up to $363,300 as of June 2021.
Our First Time Home Selling Tips
We've compiled a list of the best 8 tips to sell your first home without getting a raw deal. Without further ado, here's the information you need to take your home-selling efforts to the next level:
1. Welcome More Light Into Your Home
Dark, dreary spaces make people feel similarly down in the dumps. Potential buyers will think more of your home if you use proper lighting. Eschew drapes, replace old light bulbs, and clean dirty windows for better results.
2. Keep Animals Away
Even if potential buyers have animals of their own, many correlate dogs, cats, and other indoor pets with lower home value.
3. Don't Invest in Too Many Upgrades
Home improvement projects can boost the value of your home. Being overzealous in your improvement efforts, however, is likely to end up costing you more money than it's worth.
4. Clear Out Overly Personal Objects
Believe it or not, home shoppers don't want to see hordes of pictures of family members and objectively low-value items with nothing but sentimental value. Pack these things up before showing your home to buyers.
5. Doing Any Home Improvements? Finish Before Placing Your Home on the Market
No potential buyer wants to buy a half-finished home. Homeowners who plan on selling their domiciles sometimes underestimate the material and labor costs of carrying out major home improvement projects from start to finish. Showing off your in-progress home to potential buyers is a great way to encourage them to look elsewhere for suitable homes to buy.
6. Maintain Show-Readiness at All Times
Who knows? The one prospective buyer you turned down because your home wasn't show-ready could've been the one to buy it — and outbid any other potential buyers. Always keep your home in show-ready form.
7. First Impressions Mean the World
People who come to view your home will judge it based on how it looks when driving by, when pulling in the driveway, and when walking up to the door. Make your home's exterior as good-looking as possible to land the best first impressions possible.
8. Show Off Your Storage Space — Don't Keep It Clogged Up
Every prospective home buyer wants plenty of storage space. Clear out those closets and bonus rooms before inviting potential buyers into your home. No amount of imaginative thinking can overcome the piles of clothes in your closets or the junk you've got stored in your auxiliary room.
If you are ready to take advantage of this seller's market and sell your home, give us here at Manhattan Miami Real Estate a call and we will be happy to help you with every step of the process.