Real Estate Trends in 2021

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With so many significant changes in 2020, we expect to see some major developments in 2021 real estate trends. This is due to the pandemic, it has changed how many people think about housing and work. 

We’re expecting more people to move out of cities or away from their offices because they no longer need to be close to work. House hunting will continue to be affected by social distancing until we all can get a vaccine. And, younger people will realize they can afford more property than they thought.

Suburban Growth and Working from Home

Two big trends coming in 2021 are caused by the changes in 2020 to work and society. With so many people starting to work from home, realtors have seen an increase in people looking to move out of cities. They want space and safety in their preferred neighborhoods rather than commuting convenience.

The growth in buyers wanting to move to the suburbs is a direct result of the Covid-19 pandemic, people are realizing they can work from home. Those who used to live in a city have quickly realized they can get much larger housing for the same or less money as they would in a city.

Moving away from urban centers has also become a trend because of unrest and protest that we’ve seen in larger urban areas in the past twelve months. As we move into 2021, this trend for buyers to seek homes in less congested areas will continue.

Virtual House Hunting

Another 2021 real estate trend is the move to online house hunting. Whereas home buyers have always wanted to visit houses in person as part of buying a new home, the pandemic has meant that more people are willing to view homes through virtual appointments. This is a significant change in how realtors and buyers operate.

Expect to see improvements in virtual home tours as we move into 2021, as we’re still practicing social distancing and dealing with the effects of the coronavirus. 

Millennials Moving Up

Millennials are one of the fastest-growing homeowner demographics. Moving into 2021, more millennials will enter the housing market. They will soon account for more than half of all home buyers. 

Millennials buying homes also ties into the first of the 2021 real estate trends we discussed. In the past, the youngest age demographic segment tended to look to rent or buy in urban or downtown areas. However, with remote work becoming more accepted, millennials are also joining the hunt for homes outside of cities. 

Part of this trend is that millennials realize they can now afford more of a house than before if they swap high-priced rent in cities for land and square footage in the country or smaller towns. This change in mentality leads to the trend of millennials “moving up” in the housing market.  

Keep an Eye on 2021 Real Estate Trends

As you can see, the changes that have occurred in all our lives will keep affecting real estate. We’ve highlighted three of the biggest 2021 real estate trends here because they are going to change how you think about buying your next home.

Remember, cheaper, larger, safer property outside or urban, downtown locations are booming. Improving technology will make house hunting virtually much better. And, the market is getting an influx of younger buyers with money to spend.

For more advice on real estate, get in touch with us today.

COVID-19: Safety First at Market Source Real Estate

​At Market Source Real Estate during the COVID-19 epidemic, we haven’t seen a decline in the strength of the housing market at this point. Our housing market is as strong as ever here in Utah.

 

With the strength of the market, we are still working with our buyers and sellers to help them with their real estate needs during COVID-19, while still maintaining good practices for social distancing.

 

 

For Our Sellers during COVID-19:

 

 

  • Skip the open houses – To avoid large groups of people, we are recommending sellers skip the open house and opt for private showings.
  • Only one showing at a time – We are using an online booking system that will only allow one agent at a time to schedule a showing of your home.
  • Booties and gloves – To reduce the germs that enter your home, we will leave a basket of booties and gloves (as long as they are available for purchase) for visitors to wear during their tour.
  • Sanitizing – We suggest that you purchase sanitizing wipes or spray to use after each visit. We will provide you with a checklist of ‘hot spot’ areas to sanitize after showings.
  • Social distancing – We are following the CDC’s recommended guidelines for maintaining a 6-foot distance between ourselves and our clients.
  • Sick or High-Risk? We will be opting for virtual meetings if an agent or client is feeling under the weather or is at increased risk due to age or a compromised immune system.
  • COVID 19 Addendum – We will discuss the need for a COVID-19 addendum to new contracts. This will help protect our sellers from unforeseen delays that may arise during their home sale process.

For Our Buyers during COVID-19:

 

 

  • Meet on location – We are asking clients to meet us on site for a showing instead of carpooling.
  • Skip the open house – To avoid large groups of people, we are recommending buyers skip the open house and opt for private showings.
  • Sanitizing – To prevent COVID-19 spread to ourselves and the community, we will be using hand sanitizer in between each showing.
  • Social distancing – We are following the CDC’s recommended guidelines for maintaining a 6-foot distance between ourselves and our clients.
  • Sick or High-Risk? We will be opting for virtual meetings if an agent or client is feeling ill or is at increased risk due to age or a compromised immune system.
  • COVID 19 Addendum. We will discuss the need for a COVID-19 addendum to new contracts. This will help protect our buyers from unforeseen delays that may arise during their home sale process.

For Our Staff:

 

 

  • Work from home – We are lucky to have a job that allows most of our ‘behind the scenes’ work to be done from home. We have asked staff to remain at home for anything that does not require a trip to the office.
  • Virtual training & meetings – All team meetings and training will be hosted virtually during the COVID-19 crisis.
  • Guidelines for exposure – If a member of our team is diagnosed or exposed to COVID-19, we will follow the written protocol developed by the National Association of Realtors to avoid further spread of the virus.

We can offer virtual tours, long-distance closings, and more to prevent the spread of COVID-19! Just reach out, and our experienced team will help you!

5 Tips to Sell Your Home This Spring

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Research has found that the spring season is one of the most competitive times to sell your home.

There are tons of active buyers in the market but there are also tons of sellers looking to fill buyer needs.

To stand out in the spring, you have to go the extra mile.

Read on for our five tips for selling your home in the spring!

1. Improve Curb Appeal

Curb appeal refers to the first impression your home makes when potential buyers are approaching from the outside. It includes the aesthetic impact of your home and your yard.

If you’ve never kept up with a full garden, put out a few fun pots filled with thriving plants. Make sure that your lawn is mowed, weeded, and edged.

Take the time to give your front door or shutters a new coat of paint if necessary. Peeling or fading paint will make your home look a lot older or more rundown than it actually is.

2. Depersonalize and Declutter

When people view your home, they want to envision what it will look like when they move their own belongings into it. If you have a ton of clutter or highly personalized decor, their imaginations won’t run as wild!

Toss any junk lying around and pack up any decor that distracts from your home’s structural qualities. If you’ve neglected certain rooms, you may want to disperse some of your furniture and other pieces to stage each space in your home. Buyers want to see that every room is functional but they also don’t want to feel locked into your specific design style.

3. Amplify the Natural Light

Natural light has a calming effect and has been shown to improve mental health. It’s not uncommon to hear buyers say that natural light is at the top of their list of desirable traits in a home. In the post-winter months, people may be craving natural light even more than usual!

Remove dark curtains and keep shutters and blinds open. Tone back dark walls with tan or white paint to amplify the natural light coming in. If you don’t get tons of natural light, stage a few large mirrors across from windows to reflect the light and boost the room’s brightness.

4. Renovate

You may not want to make major investments into your house before selling. However, consider making a few cosmetic renovations if some of your home’s features are outdated. For example, many homeowners are moving away from closed wooden cabinets towards a modern, open cabinet look.

A few cosmetic renovations can take your home out of the 70s and into the 21st century!

5. Find an Agent

Working with an agent who knows your area well can improve your turnover time. Buyers often have an agent in their corner so why shouldn’t you?

Sell Your Home in Salt Lake City

If you’re looking to sell your Salt Lake City home, allow MarketSource to help you! Our team knows exactly what Salt Lake City sellers have to offer and what buyers are looking for.

Contact us today and let’s get started on selling your home!

5 Tips on Getting Your Home Ready for Showings

 

Selling a home that you are still living in is tricky! Lots of sellers stress over every detail when it comes to showing their home to potential buyers.

However, there are a couple of basic principles that you can follow to prepare your home! In this article, we are going to walk you through the five key tips on getting your home ready for showings in this article!

1. Create a Cleaning Routine

It goes without saying that your home should be spotless when you are showing your home. However, we all know that this is easier said than done.

You will want to do one deep clean at the beginning of this process to prepare your home. After that, establish a daily cleaning routine so that messes don’t pile up! Write down a list of all the things that need to be taken care of in a week, and spread them out day by day, so your house is sparkling!

2. Declutter Your Space

Clutter is a distracting presence in a home. When a buyer is coming by, they want to see the bones of the house, not think about endless toys and knick-knacks.

Creating a clean space that shows off the structure of your home is essential! You will find that by decluttering your space that you will be more at ease in your own day-to-day life as well!

3. Have Emergency Storage Ready

What we mean by emergency storage is a few great bins or tote bags on hand for those last-minute showings! This tip is especially handy if you have any kids.

Sometimes you just don’t have the time to put everything back in its proper place right before a showing! By having these storage containers on hand, you will be able to easily clean up and declutter any space in a matter of seconds.

These small storage containers will save your sanity, we promise.

4. Don’t Underestimate Curb Appeal

Many people focus on making a great first impression by redecorating their front entryway. However, when the buyer first drives up to your house, the outside is going to be what they see first!

Make the most of this first impression and make sure the yard is tidy, and the lawn is trimmed. If you are able to make a cozy entryway space or catch the eye with some incredible landscaping, we highly recommend it.

5. Leave Room for the Imagination

We get it; your home is a space where you can show off your personality! However, when you are preparing to sell your home, neutral tones and spaces are going to be your best friend.

If you have any glaring colors or themed decorations, these are going to affect the buyer’s impression of your home!

Try to create a neutral space that buyers can imagine themselves living in to close that sale!

Get Your Home Ready for Showings

These five tips will help you prepare your home and ensure that potential buyers leave with a great impression!

Getting ready for showings can be a lot of work initially, but if you do a little bit each day to maintain a show-ready home, it will seem easy.

Need more advice on selling your home? Feel free to contact us! We are always happy to help.