Low interest rates, low inventory, covid migration, and vaccines in a non-election year will fuel 2021.
- For every 1% interest rates fall, a buyer can afford 13% more home. This means a Jan 2020 buyer looking at $750,000 homes can now afford $850,000 without increasing their payment. Adding to demand are buyers no longer tethered to commuting to the office everyday and in a new influx of tech employers coming to the area
- The supply of listings has been somewhat restricted by sellers reluctant to put their homes on the market during covid. This should change in 2021
- Econ 101: When demand is stimulated, and supply is restricted things go BOOM
Keep an eye on interest rates and listing inventory. They will be the main drivers in 2021.
- Prepare the home for today’s buyers
- Price the home for the largest buyer pool closest to the homes true value
- Leverage predictive analysis to confirm you are at the right price
- Ask for highest and best offers with no escalation clauses
- Keep all buyers and agents involved in the process
- Make sure you have back up contracts
The Casey Samson Team was ranked by The Wall Street Journals as one of the top VA teams in 2018 and 2019. In 2020, 75% of their listings sold in the first 10 days, 86% in the first 30 and an overall success rate of 97%. Big numbers even by our standards.
Contact Casey at 703-508-2535, [email protected]