A Summer Surge is Coming. Will You be Ready?

Many states have begun taking steps to reopen their economies and return to normal—or at least as close to normal as we can get. Some states are taking a more cautious approach and remaining closed or taking it slowly. Regardless of statewide decisions, there’s undoubtedly a lingering fear of the Coronavirus and the effects it can have on our economy. 

The real estate market took a huge hit in the past couple of months, and there’s no guarantee things will turn around quickly, but according to recent data, the tides may be turning. A very active selling season is expected this summer, based on the following trends.

Buyers are becoming more comfortable with touring homes 

65% of people who attended an open house within the last year would do so now without hesitation, according to survey data released by the National Association of Realtors®. The survey, conducted by the research firm Engagious for NAR, probed how buyers and sellers were handling real estate transactions during COVID-19.  

Traffic to online listings is increasing every week 

While we can’t deny that some buyers put their home search on pause, data shows that the search is largely back on. Online traffic for listings is climbing and an NAR study found that 34% of buyers are only delaying their search while 23% are continuing to look despite the pandemic. Only 19% are no longer looking due to job security concerns and only 6% of buyers have decided not to buy in definitely. 

Real estate sites are also reporting a jump in online home searches. Point2Homes says visits to its real estate marketplace have surged 125% from the beginning of March (when the pandemic hit, to May  9th, the most active day of the year so far).  Google Trends data also shows that the search phrases “houses for sale,” “cheap homes for sale,” and “house with garden” have been rising since April.  

iBuyers are back in business

After pausing home sales in March, OpenDoorOfferPad, Redfin and Zillow have all announced that they’re resuming business after seeing a surge in demand over the past 45 days. This indicates that sellers are ready to get back on the market.

What does this mean for sellers? 

Although there has been a considerable drop in listings in the past two months, economists and real estate professionals predict that inventory will increase as the country continues to open back up, leading to a summer surge of listings. With the surge in inventory that economists predict, sellers will have to compete to sell quickly.   

Despite the significant effects COVID-19 has had on the economy and the housing market, buyer’s preferences have remained the same. While buyers may be prioritizing some new home features, they still want move-in ready homes without any DIY projects. If anything, the demand for move-in ready homes will only increase, since buyers, cooped up for months, are now more intimately aware of their homes’ flaws than ever. 

Now is the time to help your sellers prepare for the summer surge. Outdated homes tend to stay on the market for longer and sell for less. Many of them are scooped up by investors and iBuyers who ultimately squeeze real estate agents out of the transaction. While sellers may be tempted to take the quick, easy sale, agents are best served to convince them otherwise to remain relevant. 

Renovating a home now before the surge hits provides buyers with the move-in ready homes buyers desire. Curbio not only handles pre-sale renovations, but also uses advanced technology to provide a completely contact free experience for the Realtor and seller while the pandemic is still at large. In addition, all relocation expenses are covered during COVID-19, so that the seller can live comfortably during renovation, with no risk to their health. Finally, our pay at settlement model, as well as our new, no-loss guarantee ensures no financial risk to the seller. When iBuyers step back up to the plate, agents must step up as well. Providing a pre-sale renovation solution that meets all of your sellers’ needs will be the key to growing your business. 

How to prepare for the summer surge

Many buyers have been eagerly waiting on the sidelines and are ready to continue their home search as soon as it feels safe. As an agent, crafting the best listing possible to help your seller find a buyer is a critical piece of the puzzle. There’s a lot that goes into a listing, including the price, photos, and description—and each of these components is incredibly important. By helping your sellers renovate to meet buyers’ tastes before they list, you’re changing the game.  

Curbio allows you to achieve the best price point for your sellers, deliver the highest quality before/after renovation photos, and write a description that will appeal to buyers. You can provide a safe, contact-less renovation solutionrest assured that our Project Managers will handle the entire project from A-Z and you, and your seller will stay updated through Curbio’s Project Portal 

We know that many sellers were in difficult financial situations before COVID-19, and even more are now. With no upfront costs (and no fees or interest), sellers don’t need to worry about finding the cash to do the renovation. We believe in our pre-sale renovation expertise (and the data shows its worth), which is why we’ve rolled out a no-loss guarantee payment option. How often in life does your client get to invest someone else’s money for their profit? 

By providing the best pre-sale renovation solution to sellers, you can not only sell homes quicker (the average days on market for Curbio’d homes in April was 11 days!), but can also provide the best client experience, which will ultimately result in what every agent desires—referrals.  

#PivotToCurbio to take the first step towards helping your sellers and gaining a referral source for life. Get a free project assessment.