As reported on LouisvilleKY and predicted by the Kentucky Realtors Organization, the post-COVID-19 real estate market in and around the state began to shore back up in July. The boom in real estate has, in fact, not been confined to only Kentucky. The United States as a whole is experiencing massive surges across various areas within the internal real estate industry. Sellers should be looking to take advantage of this surge, but in order to do that, they must begin with a basic understanding of why the market is behaving in this way.
Rising Sales Numbers and the Skyrocketing Price of Housing Real Estate
Although the overall national and global economic impact of the ongoing pandemic situation has been the worst since World War II, it did not manage to put as much of a dent in the real estate industry as everyone thought it would. Even during the recession of 2010, housing prices fell by 10% and took a long time to recover, costing the industry trillions worldwide, but this time around, the loss was mitigated in the US at least. This was possible because of three primary reasons, which are:
- Clever economic policies; changes in taxation schemes and financial failsafe measures by the government managed to prevent a catastrophic downfall
- An initial rush to move out of infected major cities like NYC skyrocketed the price of real estate in places that were not as badly infected
- Now that the rate of new infections and the number of deaths has slowed down, the price of real estate in major cities has also surged
Sellers Should Reassess the Property
As should be evident, the surge is, in many ways, being either powered by the pandemic, or due to situations that came into play because of the pandemic. Due to that fact, a reassessment post-COVID is necessary, so that the property rightly reflects a more updated price tag that is relevant and even appealing under the present circumstances.
Making It Look Good
The place must be kept clean, sanitized and aesthetically appealing to prospective buyers if it is to have a good chance of being sold at a good price. Both owners and realtors can use a Kohls coupon or two to get huge discounts while adding throw pillows, artwork, bath accessories, aesthetic furniture and anything else that can be considered as an improvement. It’s not a bad idea to invest a little bit into the old house before selling it off, especially since such improvements drive up the price. Clean, furnished and well decorated homes will always sell better, irrespective of the situation.
This has always been true, but right now, it holds more importance. Buyers are often looking for a fresh start in a new place, so well furnished, aesthetic apartments and houses make people feel less pessimistic about everything that is going on around them. When a housing property manages to make prospective buyers feel positive and energetic, it is likely that they may want to hold onto a place which made them feel so.