The real estate market has been going through some notable changes during the pandemic. Low inventory combined with high demand for housing has resulted in fierce competition among buyers and higher prices for sellers. While the market currently favors sellers over buyers, will this trend continue once the pandemic ends? If you’re going to be doing a For Sale By Owner (FSBO) home sale after the pandemic, it’s important to plan ahead. Find out more about post-pandemic trends and how to make sure your MLS listing is ready.
Although there aren’t many homes on the market right now, that’s expected to change. After the pandemic, homeowners who hesitated to list their home out of fear of COVID-19 exposure from buyers might feel more comfortable selling. The number of homeowners listing their home for sale is also expected to rise as more people are vaccinated. Other homeowners might decide to sell post-pandemic while home prices remain higher than usual. This increased inventory could make it more difficult to get higher bids, since buyers have more options to choose from.
Suburban Over Urban
During the pandemic, more and more people in the suburbs have been working from home. In some areas, businesses have been opening locations in suburban areas while closing locations in more urban areas. Since some people will continue to work from the suburbs after the pandemic, this increase in local amenities can be a great selling point for your home. Your FSBO MLS listing should mention any notable amenities that are nearby in order to appeal more to buyers.
Mortgage Rate Changes
Mortgage rates during the pandemic have been at a record low, which has caused a surge in interested buyers. However, mortgage rates can fluctuate, so it’s important to factor this into the price you list your home at. Buyers might be more willing to pay more for a home in the current seller’s market, thanks in part to record-low mortgage rates. If these rates start to rise when the pandemic is over, though, buyers might be more hesitant to put in higher bids, especially if inventory increases and competition among buyers decreases.
The COVID-19 pandemic has led to a rise in the use of tech tools for sellers and buyers, such as online 3D tours rather than in-person tours. After the pandemic, this might slow a bit as people feel comfortable visiting homes in person. However, the use of tech tools is expected to become a regular part of the selling process. When you’re doing an FSBO sale, consider taking advantage of these tools if buyers in your area prefer them, such as setting up online video tours. You might also consider making 3D tours available with your listing, so buyers can conveniently tour your home before deciding whether or not to see it in person or place a bid on it.
When it comes to home features, buyers have been showing a preference for larger kitchens. This could be due to more people being at home much more often during the pandemic. Since people might continue working from home after the pandemic, emphasizing a larger kitchen size in your MLS listing is important. If you’ve made recent upgrades to your kitchen, mentioning these in your listing can also help attract the interest of buyers. Having a bigger kitchen, especially with recent upgrades, can help you get a higher price for your home as well when you sell FSBO.
Tips for FSBO MLS Sales
When you decide to do a FSBO home sale, it’s important to come up with the right listing price. A price that’s too high could cause you to lose out on buyers, especially if there’s more inventory and less competition after the pandemic. With a listing price that’s too low, you might miss out on being able to get a good price on your home. Take time to price your home to reflect the market in your local area.
Your FSBO listing should make it simple for interested buyers to get detailed information on your home. Include features and amenities that make your home stand out and appeal more to buyers, such as recent upgrades, a large yard, proximity to good schools, or low crime rates. Make sure your contact information is also available, so that buyers can easily get in touch with you to set up a tour.
When you sell FSBO, you can save money, since you won’t be paying a commission to the seller agent. However, you can still get help with your FSBO MLS listing from a flat fee discount real estate broker. Visit GoToFSBO.com to learn more about how our services can help you when you sell FSBO with our flat fee MLS listing service.