As a leading real estate professional organization, we understand the importance of floor plans in home-buying. Historically, floor plans have been viewed as a nice-to-have marketing asset on a listing, but in recent months, their significance has drastically increased. Low inventory and rising prices in today’s seller’s market have made floor plans a must-have for real estate professionals. We firmly believe floor plans have become a secret superpower in the industry and how real estate professionals can take advantage of them before they become the norm on listings.
The reason for the shift in importance can be attributed to the Federal Housing Finance Agency’s recent decision to make desktop appraisals permanent for single-family homes. This change means that appraisers no longer must inspect properties physically, allowing for other data, such as floor plans, to be used in the appraisal process. This change not only speeds up the appraisal process but also illuminates the deficiencies in traditional appraisals. With formal appraisals, it sometimes can take up to 20 days or more to receive an appraisal, leaving both the buyer and seller open to potential issues, longer closing dates, and more time for things to go haywire in the transaction.
Real estate professionals can take advantage of this change by proactively hiring a service like justfloorplans.co to prepare a detailed and custom floor plan for all their listings. Doing so gives them an edge over the competition, as floor plans have historically been a useful marketing asset. Buyers appreciate floor plans because they help them visualize the layout of a house before visiting it, and floor plan measurements help determine the size and placement of the furniture in each room. According to the National Association of Realtors 2021 Home Buyers and Sellers Generational Trends Report, more than two-thirds of online home shoppers found floor plans to be “very useful.” With the new requirements for remote appraisals, floor plans are now even more beneficial, ensuring quicker closings and positively impacting all parties involved.
In conclusion, floor plans have shifted from a nice-to-have to a must-have in the current market, and real estate professionals can take advantage of this shift by proactively acquiring floor plans at the time of listing. Not only do they serve as a helpful marketing asset, but they also ensure quicker closings and a smoother process for all parties involved.
