Need To Sell During A Pandemic? These Three Factors Were Gamechangers For Those Who Sold In Regina This April
We all knew that our real estate market was going to take a major hit during this pandemic. We're only at about 1150 active listings compared to the normal 1500 we saw during last year’s spring market, and the number of sales are significantly down too. But, what if you have to sell right now in Regina? What can you do to make sure that you sell for the most money with as little inconvenience possible? As a REALTOR® for the past twelve years, I have always looked for key selling factors driving people to put pen to paper, searching for specific patterns of why some properties sell or continue to sit. This is what I noticed this past month watching the market stats during the stay at home lockdown.
Out of the homes that sold (just over 150 in the Regina area this month), almost 85% of them were single-family homes... sorry condo owners. I also noticed that just under half were vacant, which, if you think about it, makes sense for those who focused on showing homes that were easy to get into, reducing the risk of spreading the virus. But here are a few other big patterns I saw. Most of the sales fell in the price point of $151,000-$300,000, and the average home sale price was looming around the $320,000 mark. These homes typically had three bedrooms and two baths. The ones that sold rather quickly had some sort of garage, and average lot size shy of 6,000sq.ft.
But the kicker of all the homes that listed and sold during this whole pandemic had three things in common, just as in any market we are working in: they were significantly clean and decluttered with very well maintained yards, had high-quality videos and photos, and were listed at market value or just under. The homes that were scooped this month were around the 94% list to sell ratio, which means that a home priced at $350,000 actually closed at $330,000. Hot spots for sales this past month were in the neighborhoods of Whitmore Park, Harbour Landing, and Wascana View.
So, in a nutshell, if you have to list - take the above very seriously to get a sale done with impactful results:
Price your home as close to market value as you possibly can... this is not the time to insert a big buffer or put out a "feeler" price as your home will probably just sit with no showings and will only make your home look stale with an extended time on the market.
Connect with my team to give you great advice on how to impress your prospective buyer online. I specifically specialize in styling and decluttering for all of our clients who are looking to list their home. I advise you on what to sort, discard, and begin packing so your property showcases its best features through marketing. I tackle furniture positioning, artwork, texture, and color with you as well and work with what you currently own. I also hire top real estate photographers and videographers to provide those prospective buyers an experience that captures the essence of your home from multiple angles and shows how rooms are actually connected to one another.
When the majority of qualified buyers are incredibly critcal and ruthless when it comes to how your home is presented online and on social media, it has never been more important to make sure your home is making the best impression as you can. It takes a buyer less than a second online to swipe to the next property if your home doesn't photograph well.
We know that you don't think it's a great time to sell, but we have been getting results with our listings during this uncertain time. In fact, many people are taking advantage to upgrade, especially with the low interest rates if the pandemic hasn't impacted their income. So whether you need to get your property up on the market in the coming weeks or thinking about it once the economy is more stable, my team is here to offer our services. Connect with me, and we can work out a game plan together.
Stats taken from the Saskatchewan REALTORS Association April 24, 2020
