The worldwide pandemic calls for a new viewing platform — and with a little more patience than usual.
The global Coronavirus pandemic continues to change lives across the world. From job loss to small business in financial disability, the Coronavirus outbreak continues to cause tumult in all parts of the country. One sector that is questionable during this uncertain time, is that of the housing market. Many who are looking to sell homes are now at a virtual standpoint.
Truly the No. 1 in Deal Finding, Real Estate IQ explores the beauty of these new selling strategies and what makes it a viable option for the real estate investing business. We examine every aspect of this new trend and try to answer the questions on your minds : Is the timing perfect to sell a home? Is anyone in the market to buy a home during this time of economic conundrums and disbelief?
Embracing New Strategies
Expectedly still, not a lot of homeowners want to put their homes on the market amid a pandemic, but some do need to move, and it’s not the worst of times to actually sell. Demands for housing are still incredibly strong, despite the hit to the economy, and unfortunately, supply is at a record low at the moment.
Reports from realtor.com revealed an awful turn down of the total supply of homes for sale at 19% compared to 29&% home listings last year. But as some of the states begin to reopen, new listings and open houses are starting to regain momentum.
Selling a home is stressful enough let alone selling in the age of social distancing may seem even worse. But with the right effective tricks and new strategies under your sleeves, you might be able to ease the burden.
First, staging the home to sell has never been more important, even if you’re not letting people in. Sellers should consider the challenge of staging now and may even want to step up their game. Virtual technology is a must, and some agents are now using the latest in 3-D touring, which allows buyers to move through the home on their own.
Sellers should also make sure the real estate agent they choose is willing to do personal, live virtual tours. This new strategy has been walking buyers through some listings over a smartphone or tablet so the buyers can ask real-time questions. Others are doing Facebook Live showings for groups but the whole virtual tour thing is not just about hosting a Facebook Live. It has to be private enough for a buyer to join in without feeling exposed, but open enough that people can easily participate. And the host or real estate agent should have assistance from another person who is reading comments and making notes of every question or inquiries.
While not all sellers can move out of their homes before selling, it’s practically a huge help today that buyers can tour the homes on their own. Homebuilders are definitely benefiting from the ability to open up their models to individuals touring alone. Sellers who are allowing individual buyers into the home while they’re still living there should make sure to filter those buyers carefully and the neighbors who might just be sniffing around. For open houses, masks, sanitizers, shoe coverings, and wipes should be made available at the front door.
Home prices have not started to fall yet but now is not the time to target an overwhelming profit. Buyers today are more likely to jump at a bargain than they are to pay a premium amount.
Home Selling ala Corona
While the Coronavirus pandemic continues to change lives at the speed of light, here are some tips to consider as you work towards selling your home fast.
1. Create a video and photograph tour of your home. In this day and age of technology, you want to sell your home, so a video and photograph tour of your home is the best way to go. You can even provide a tour and post it to YouTube if you have a channel. Through that, your home will be seen by potentially thousands of people who might be interested.
2. Make the home look great. Be sure to keep your home as clean as possible. If you are selling a rental property or a property that is a second home, then you are not living there. So, make sure that the home is clean and neat. During this time of social distancing, you really will not have the interruption of friends and family members so you have all the time you need. You want prospective buyers to feel comfortable as they tour your home. You may even want to keep your primary home clean if this is the one you are selling. Even though we are amid a global pandemic, it won’t last a lifetime. Life will resume with some amount of normalcy so you better be ready for it.
3. Upgrade while you can. Now is a great time to make some fixes to the home and repair what has been broken as you prepare to sell it. Despite the COVID-19 pandemic, you want to always keep your home “showtime ready”. Every small detail counts so make your property always camera ready.
4. Start packing. Even during this global debacle, now is a great time to get non-essential items sold. Take the time to declutter your closets and cabinets. Go through areas in the basement or attic and get rid of old unused items. You will be surprised at the amount of stuff you have in the home.
Once life is getting back to its normal cycle again, you will be prepared for a showing. The kitchen is where the heart is since it’s the most utilized room in any home. So, now is the time to make your kitchen a show-stopping extravaganza. If there are fixtures that can be updated, consider doing so. Sure you cannot call a contractor now but if you are lucky enough to have someone who loves a home improvement project, it’s time you get busy making that kitchen truly an irresistible view. Always remember that many houses sell because of great kitchens.
5. Decide on a price for your home. In the wake of this global pandemic, you can take your time in pricing your home. Make sure that you check out the competition online. Sellers should also consider not to overprice their homes. There may be little options to choose from on the market right now, but with the economy in a consistent swing, consider yourself lucky for a reasonable offer. Some buyers are not desperate so the pricing strategy still must be sound.
6. Start posting advertisements. Surely, now may not be a great time to buy a house, but the wheel of life will turn. Everything down is poised to come back up. So, get busy posting ads online and generate some hype for your property.
If you are selling a rental property or a property that is a second home, then you are not living there. So, make sure that the home is clean and neat.
Finally, be patient and have faith. Patience is a virtue that has propelled many nations…home selling can be treated as the same. We are amid a global pandemic…just about all of our lives are different now. There may not be a “going back to what we were before” and the new normal setting is just around the corner. But nothing lasts really forever, not even this global crisis.
Your home will definitely sell. You just have to believe and make it happen the “NCOV way”, even if it means using “your not so ordinary strategy”.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.