Unfortunately, while the global pandemic has been lingering for the past year, many homeowners are still wondering whether or not they can sell their homes. Some homeowners are simply curious about how much they can get for their home in their local real estate market. While other homeowners are in financial trouble and need to sell their homes quickly.
Fortunately, homeowners can still put their homes on the market to sell. However, admittedly the process will be a little different than what most sellers were used to pre-COVID-19.
To help you navigate these uncertain times, below, we will discuss everything you need to know about selling your property during the COVID-19 pandemic.
Are properties even selling now during the current health pandemic?
While no one really knows the long-term effects of this health pandemic on the real estate market going into 2021, it’s still an excellent time to sell your home. In other words, homes are selling at fast rates despite the current pandemic.
Keep in mind that the demand for housing was high before the pandemic, and the current health crisis only made the situation worse. Since it’s a strong seller’s market, homeowners typically receive multiple offers, and the final sales price far exceeds the original asking price.
It cannot be overlooked that buyers are interested in buying properties due to the current historically low mortgage interest rate. Lower interest rates mean that buyers can purchase higher-priced properties for less.
Generally speaking, markets with lower inventory are selling quickly. Your local real estate agent should be able to guide you and educate you about your local market conditions.
Is it smart to sell my home during a recession?
Selling your home during the current economic downturn can be a good financial decision depending on your individual situation. Therefore, you must first consider the reasons that you are looking to sell your home. Is it for financial reasons? A short sale? A larger space? Or general financial hardship?
Whatever the reason for you selling, you must consider your own financial stability and the market that you are considering moving into before putting your home on the market.
Should you expect to lower your listing price?
Although we are unquestionably in a current economic downturn, this doesn’t necessarily mean that you should expect to receive a lower offer for your home if you put it on the market. As previously mentioned, the demand for housing is high in many areas, as such. Many sellers are seeing bidding wars and/or receiving multiple competitive offers for their homes.
While sellers don’t necessarily have to count on lowering their listing price, they may have to be patient and wait on a qualified seller to purchase their home.
Overall, real estate is localized. As such, the median asking price for properties in your market could be higher or lower than the national average. Working with an experienced real estate agent or real estate broker in your local market to ensure that your property is properly priced according to your market.
How do you prepare your home for sale?
While it’s a fairly good time to put your home on the market, there are still additional things that you should take into consideration before listing it on the market. Keep in mind while everyone is socially distancing, you’re listing on the Multiple Listing Service (MLS) is even more important than it was in the past. Remember that because of the pandemic, some buyers may not even want to visit your home before putting in an offer. As such, it’s important that you make your home as attractive as possible before putting it on the market. Start with easy projects such as decluttering, enhancing your curb appeal, painting, and new flooring.
Due to the COVID-19, it is probably best that you stick to the DIY projects to allow for minimum contact with contractors, especially if the COVID-19 positivity rate is high in your area.
How can you make your listing stand out?
Since most buyers will be taking a close look at your online listing before even considering taking a tour of your home, your photos must be professional and attractive. In addition to offering quality photos, you should probably have a virtual tour or 3D tour available for potential homebuyers.
To ensure that your photos are appealing, consider physically staging your home to attract the largest pool of potential buyers. If you cannot afford the traditional staging, consider 3D staging or virtual staging to help potential buyers visualize themselves in your home without your personal items getting in the way.
How Can You Show Your House Safely During COVID?
Even if you have a virtual tour available together with great photos, some buyers will need/want to look at your home in person before putting in an offer. As such, you should be prepared and take the proper precautionary measures when scheduling showings to protect yourself and potential buyers.
First, you want to make sure that everyone wears a mask while touring the home. Next, you want to have gloves available for guests to wear during the showing. Additionally, to prevent guests from unnecessarily touching things throughout the home, you should keep lights on and closet doors and cabinets open.
Lastly, only show to one family at a time to prevent overcrowding and to maintain social distancing of at least six feet.
Should I Sell My Home For Cash?
One of the best things you can do is to sell your home to a cash investor. This is especially true if you need to sell your home quickly for financial reasons. The primary perk of selling your home for cash is that you can sell your home “as-is” and don’t have to worry about making repairs, marketing your home, staging it, or listing it on the Multiple Listing Service (MLS). You also don’t have to deal with the hassle of scheduling multiple showings or open houses.
Additionally, cash sales happen fairly quickly. In most cases, in less than three weeks. Since you don’t have to deal with a lender or ordering a home inspection etc., once you receive an offer, 99% of the time, the deal will close. You can walk away with cash in your hand and move on with your life.
Selling a home may never be the same, even once the global pandemic is over. In any event, it is still a good time to sell your home in most markets. Real estate agents and brokers have been the most resilient during the pandemic. They have adjusted their business practices accordingly to ensure that people can still buy and sell their homes. Additionally, cash buyers and institutional investors are still a good option for financially strapped homeowners or those that simply need to sell their homes quickly.
You can be more successful when selling your home by being flexible and working with buyers during these uncertain times.
If you are seeking more advice on selling your home during the global health crisis, contact us today for more information.
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