What you need to know before we head into the next selling season
As we continue to navigate the pandemic’s effects on housing, everyone’s wondering what the market will look like in the spring. Luckily, we have some insight. Here are our top predictions (and what you can do about them):
1. We will begin to see the impact of increased vaccination rates
As vaccination rates increase, the question is whether this will lift some of the strain on inventory. The answer is yes, but we’re looking more at a trickle than a wave, for the time being, meaning the seller’s market will reign on.
What can you do? Help clients feel safe putting their homes on the market. By helping them buy before they put their old house on the market, they won’t have to worry about strangers touring their home because they’re already living in their new one!
2. The market will remain hot
Despite this, the market will continue to favor sellers. Buyers who have been waiting to move until the pandemic eased up will start looking, keeping the sellers at an advantage.
The ability to move fast, remove contingencies, and make cash offers (or cash-equivalent ones) will become even more critical.
Put your buyers in the position to make winning, non-contingent offers. Your buyer will receive an interest-free bridge loan that covers the mortgage payments on their old house until it sells and can also be used for the down payment on their new home. Plus, Knock recently increased their bridge loan amount to $250,000, giving your buyer, even more, buying power.
3. Buyers continue to flock to the suburbs
Homeowners were beginning to migrate from cities to suburbs in greater numbers well before the pandemic, but COVID-19 has certainly expedited matters. With remote work becoming the norm, people don’t need to be within commuting distance of an office or city.
They’re also rethinking the concept of home, needing more space to work, exercise, cook, and homeschool their kids, to name a few. This, coupled with affordability, has made many suburbs the place to be.
Move especially fast and close in half the time (or less!) than with typical financing. Knock fully underwrites your client right out of the gate so they can start putting down winning offers immediately.
4. Seasonality will make a comeback
The days when you could anticipate the high and low points of the season might be about to make a comeback. While 2020 was anything but ordinary, 2021 is shaping up to be a bit more traditional buying and selling year.
What can you do? While the market may fluctuate, the benefits of the Knock Home Swap are evergreen. It will give your client an edge during the peak season with non-contingent offers and land you double-sided deals well into the slow months.
5. Innovators will win the day
With all of these trends at play, what can you do to stay ahead of the pack? Adopt tech-forward tools with partners like Knock to provide your clients a top-notch, convenient experience and give iBuyers a run for their money.
The Knock Home Swap can make you an innovator of the day, landing you more deals and your client the home of their dreams.
BY STEPHEN FREUDENBERG
Source: https://www.inman.com/