By all accounts, 2021 should be an outstanding year for American homeowners who are planning on selling their properties.
The improvement of public health conditions after the coronavirus pandemic is a factor that is certainly in favor of sellers; this was experienced even in late 2020 as opportunistic buyers and real estate investors sought to take advantage of bargains, but this trend seems to be far from over.
Housing market analysts accurately predicted a downturn of real estate activity in the middle of 2020 because this was a time when the pandemic turned critical; moreover, civil unrest was unfolding across various metropolitan areas. Accordingly, many property owners decided against listing their homes at this time. Once the holiday shopping season started, however, buyers started showing strong interest, and there were reports of bidding wars in some markets.
As of June 2021, the situation in Oklahoma and other regions of the country had turned into a sellers’ market. High demand and low housing inventory came together to create a hot housing market, but things were different than what we experienced in the years leading up to the sudden downturn of 2008. Buyers have a different mindset; even though they have the advantage of historically low mortgage interest rates and a recovering economy, they are not just buying any property.
The kind of real estate speculation that brought the entire market down in 2008 is not being felt now, and it is unlikely to return. Prospective home buyers are being more careful, and they feel entitled to hold the upper hand even during periods of low inventory. It is almost as if buyers collectively know that being choosier will drive residential developers to build new homes, which are often priced to sell quickly for even greater value appreciation in the short term.
While the above scenario is ideal for the real estate economy, it puts some homeowners in a tight spot. If you want to sell your home fast while buyers are waiting for new construction properties to be completed, chances are that you will find it difficult to attract attention to your listing because average buyers are more interested in brand-new opportunities. Thankfully, sellers have tools to help them get to the closing table, and this is when social media comes in.
In recent years, savvy real estate brokers have been using Facebook, Instagram, and other social networks to drive interest to properties on the Multiple Listing Service. In some cases, real estate agents post social media updates before homes hit the MLS, and this often results in properties selling faster. In some cases, brokers post social media updates and then write separate blogs about them. This also works in “For Sale By Owner” deals.
The social media advantage to real estate transactions is that posts can be updated in real time. Prospective buyers feel more comfortable and less pressured to inquire about listings, but the most important aspect is that social networks are known to attract smart buyers, including investors who understand the needs of sellers to close deals as soon as possible. If you would like to reach buyers who have the necessary cash on hand to accelerate the transaction, social networks are your best friends.