Are you looking to sell your Fayetteville house?
North Carolina, with its population of 667,696 people, currently has 4,684,876 housing units. Out of these, 65% are owner-occupied, with a median value of $165,900.
And that’s the number you want to surpass if you want to make real profits. For that, you need to understand how the real estate market in North Carolina, particularly in Fayetteville, works—and use it to your advantage.
Why You Need to Amp Up Your Game in the Pandemic
Caught in the middle of a global pandemic, it’s only natural that the real estate market in North Carolina would experience a downturn. With 12,256 confirmed cases in the state and a lockdown in place, things are going to go further south before they improve. And there will be impacts on the real estate market.
While this may be bad news, there is a silver lining for clever house sellers. As Forbes has rightly put it, every economic crisis is “Darwinian”—that is to say that those who manage to adjust to it will come out on top. As far as the rise and fall of housing prices is concerned, in light of the pandemic, the Wall Street Journal is optimistic that the prices won’t fall—but are rising. Others contend that market prices are expected to drop by 4%—but don’t let that deter you.
Besides, the low housing supply in the region makes a strong case for you—since you’re one of the few people making up for it. If market prices do fall, you can still sell your home for a handsome price if you make the right home improvement plans and boost your real estate value to stand out among the crowd.
Is This is a Good Time to Sell Your Fayetteville House?
According to The American Housing Survey, 104,000 homes in North Carolina are renter-occupied, whereas 89,000 are owner-occupied. With rental rates increasing, people are looking to ditch the prospect of renting altogether in lieu of the long-term security that comes with purchasing a home.
Kernersville in North Carolina, for example, had the highest monthly rent increase in 2020—averaging $848 for a month. Raleigh is the fastest in all of North Carolina in terms of rent growth.
For you, someone with a Fayetteville property to sell, this is smashing news: because you have an armada of ready customers who are frustrated with rent rates, and would rather have a house to their name. And thus, yes, this is definitely a good time to sell your Fayetteville home—before rents go down and prospective buyers turn to renting once more.
Even though the pandemic has reduced demand, people who are still selling houses are considered to be among the few who are still keeping the wheels of the economy running—and prices haven’t fallen at all.
But this is also where you should start working on boosting the real estate value of your Fayetteville house.
Make Your House Look Hospitable
The pandemic has people more paranoid than ever about living conditions, and the overall look of your house is the first thing they’ll be looking at. And it won’t be fancy wooden flooring or ornate furniture that they’ll be concerned with—they’re going to look for signs that the house is “unfit” to live in. These signs include mold accumulation, dampness, a general downtrodden look, shabbiness, old and rotting furniture, a lack of general cleanliness, and so on.
Do whatever it requires to make your house shine—from power washing to mold damage repairs—but know that if you let these issues sit, you can say au revoir to your dreams of profiting from the sale of your Fayetteville house.
Home improvements generally make a house look luxurious—in fact, they make a house look as if it has been newly constructed, as if it had been previously uninhabited. This untouched aura brings in a great number of prospective customers, who will be easily awed by your kitchen cabinets and quartz tops, flex rooms and new flooring, and so on.
Consider home improvements small investments, even if you aren’t selling your Fayetteville house. You might sell it one day—and when you do, you can get a pretty price if you make the right improvements.
Make it Energy-Efficient
It’s important to understand that the next generation of house buyers is different. They have no interest in paying inflated utility bills—and definitely no interest in increasing their carbon footprint and emissions.
The millennial house buyer will look for a house that is energy-efficient and eco-friendly. Knowing this can go a long way in your home improvement plans. Experienced Fayetteville realtors will tell you that some millennial buyers even ask for utility bills before making a decision—in order to gauge what they’re in for.
Luckily for you, there are countless ways of making your house energy-efficient, such as:
- Finding energy-efficient HVAC options
- Installing solar panels
- Getting tankless water heaters
- Doing away with incandescent lights
- Getting a plumber to replace your showerheads and toilets with energy-efficient ones
- Having windows installed if there isn’t a lot of daylight spilling into your house
- Making sure your windows and doors are insulated to keep heat trapped
Small changes can go a long way in affecting big reductions in your utility bills. Since millennials are more socially responsible, these measures will make them more interested in buying your property.
Besides, even if you aren’t planning to sell your house, making it energy-efficient is beneficial to you too. If it means lower utility bills and it’s cost-effective.
Don’t Wait for the Markets to Reopen
While we know these are troubling times, they’re no reason to sit back and wait for everything to start functioning again. You can still reach out to people by digitizing your house sales process, since open houses are kind of out of the question right now.
Start off by taking flattering pictures of your house, make videos or give video tours—in short, go digital. We understand that it might be difficult for you to manage reaching out to prospective customers who want to buy a house in Fayetteville—which is why expert realtors such as Philip Fehler are still working round the clock to accommodate you.
Find Out More by Talking to a Professional
California born and bred, Phillip Fehler has been working as a real estate broker for many years and can point you in the right direction. He now counsels and oversees real estate services in Fort Bragg, North Carolina.
Whether your aim is to sell your house for a good price and make profits or if you just want to talk to an expert realtor from Fayetteville, NC, Phillip Fehler Broker of Fathom Realty, can help you. Don’t hesitate to reach out to him here or give him a call at (910) 381-1341.