COVID-19’s effects on the housing market have continued into the new year. Real estate investors and rental property owners may find that now’s a good time to sell. Here are a few real estate market trends we’re starting to notice in 2021.
Time on market is faster
Partly fueled by record-low mortgage rates, the average time a home spent on the market in January 2021 was 9 days faster than the same time last year. As owners consider putting their properties up for sale, they may see them sell faster than expected. In the same vein, buyers should work to move quickly on properties they’re interested in, so they don’t miss out on a potentially big opportunity. This data also shows that buyers are beginning to recapture some of the consumer confidence that was lost during 2020.
Millennials and Gen Z play a growing role in real estate
A recent report found that aging Millennials are partly responsible for bringing life back to the Texas housing market. This isn’t limited to Texas either, areas all over the country have noticed Millennials and Gen Z becoming “move-up” buyers, which describes homeowners wanting to upgrade to a new home. This is compounded by the rise in remote work which has motivated many young professionals to leave their city apartments and seek more spacious housing in rural and suburban areas.
Rental property owners are starting to feel the crunch
As the eviction moratoriums continue to be extended, possibly until the end of September, many investors are looking to sell underperforming rental properties as quickly as possible. A decrease in rental income is impacting their ability to maintain rental properties and make capital improvements as needed. Additionally, rental property owners are having trouble making property tax payments which fund critical local services according to a recent report by CNN. Faced with rental properties generating little to no revenue, many have no other option than to sell now while real estate market prices are high.
Signature SellerTM provides a helpful marketing tool for sellers
No matter how good, or bad, market conditions may seem, you should look for every opportunity to maximize the marketing of your property. Marketing a property with the Signature SellerTM program gives you exposure to Hubzu’s 1.9 million+ registered users as well as millions more through syndication to sites like Zillow, Trulia, and Realtor.com. Using an industry leading auction marketing platform like Hubzu, helps create competition for your property and quite possibly a bidding war.
Now may be a great time to sell!
The beginning of 2021 has shown some promising trends for investors. Others may be facing hard decisions on what to do with low or nonperforming rental properties and the challenges that come with them. Whatever the case may be, now may be a really good time to sell your property. If you’re interested in marketing your property to Hubzu’s 1.9 million registered users that have purchased more than 228,000 properties since 2009, visit Hubzu and find out how Signature SellerTM can help you!
