When the Covid-19 pandemic hit in March, no one could predict the effect it would have on the South Shore real estate market. Local professionals thought traditionally high spring sales would occur in the 3rd or 4th quarters. But for many, the 2020 spring market has been better than ever. Yet while sales are high, this particular market looks significantly different than in years past.
“Despite Covid-19 and the CDC precautions we are taking to help clients buy and sell properties, our numbers are averaging 70% higher than last year at this time,” says Michelle Larnard, owner/broker Michelle Larnard Real Estate Group. “That said, this market looks different from any I have seen in my 20 years in real estate.”
According to Larnard, there are distinct trends occurring simultaneously on the South Shore. These include an abundance of buyers (many of whom are moving from the city to the suburbs), low inventory, and multiple offers without home sale contingencies. In addition, a lot of properties are going under agreement within 24-48 hours.
“Homeowners who sell now will sell quickly. They will also get the maximum amount for their home as long as they are willing to prepare it properly,” says Larnard, whose team of professional agents works closely with clients to make sure necessary steps are taken to get their homes market-ready. "Even if it means holding off a week to power wash a deck, clean your yard, or paint a room, this can make a significant impact on the sale.”
As an example, the Larnard team recently held off listing one particular home until the homeowners completed a few simple updates. When the home hit the market, there were multiple offers within the first 24 hours.
If sellers don’t do the work beforehand, cautions Larnard, results are completely different. Houses that aren’t moving fast are most likely those that weren’t prepared properly. This results in longer days on market or even forces a price reduction.
As for the buyers, many are currently in a rental situation. This means no home to sell. As a result, they are making stronger offers that are more appealing to sellers.
“Who knows what the second half of the year will bring to the South Shore real estate market, but our 3rd quarter looks extremely strong,” says Larnard. "Whatever the future holds, one thing is certain: we will continue to focus on our client's goals and provide the same high level of service, attention to detail, and professionalism.”
Are you interested in learning the basic steps to make your home sale-ready? Click the link below to download a home readiness guide and checklist. Call our experienced team. We will price your home accurately and help you prepare properly to achieve the best possible outcome.