Low Inventory Might Help You Sell Your Home During COVID
Selling Your Home During COVID? You Might Have an Edge...
Less is more when it comes to successfully selling your home during the COVID pandemic. That’s because if you’re still going ahead with your plans to sell right now, there’s dramatically less competition on the market—and this might be true for the coming months ahead, too.
Usually, the spring months bring a surge of listings to the market. Depending on your area, there would either be a comparable surge of buyers eager to relocate, or more properties than there are interested buyers. Of course, what used to be typical is no longer, as we all adjust to stay-at-home measures and day-to-day headlines.
While many would-be buyers have decided to hold off on their plans to purchase, there are still potential buyers looking to take advantage of low-interest rates, the possibility of fewer competing buyers, and the tech that’s allowing open houses to still happen (albeit virtually). In the mix, too, are potential buyers who have to move due to life changes, employment, and other personal reasons that make right now their time to make a move.
With fewer “for sale” signs in your neighborhood, you’re possibly in a great position to find a great buyer for your home. However, there are a few things to keep in mind to make sure you can benefit from this unexpected positive.
Less competition = more focus on potential issues.
Even if a buyer has a pressing need to move ASAP with fewer options to consider there’s more time to take a critical eye to what’s available. Mainly, the attention will be paid to issues relating to condition over style. With an unknown timeline for life getting back to normal, there’s also an unknown timeline for a potential new owner to embark on a renovation, being able to hire professionals to make fixes or longer wait times for deliveries (especially for DIYers). Addressing key conditions and cosmetic issues now will help nudge a buyer towards your home versus another.
Camera appeal is now just as important as curb appeal.
The virtual “open house” is a must right now due to social distancing guidelines that restrict gatherings. This means that your realtor will either record a walk-through, host livestream tours, or schedule tours via FaceTime or Zoom. However, the same tech that makes virtual tours convenient can also distort many aspects within your home. For instance, paint colors might appear off, interior lighting can create a yellow cast, shadows may appear darker and clutter can look worse than it is.
Have masks, gloves, and other precautionary safety measures on-hand.
After a virtual showing, serious buyers will want to come by to see your home in person. Your realtor will give you more notice when an in-person showing will occur, to allow you time to find a place to go to while the showing happens. Beforehand, follow all the safety precautions to disinfect your home. Keep extra masks and gloves available (in sealed packages) just in case the buyers do not have them on hand. Reduce the chance of contact with surfaces by leaving all lights on and interior doors open. Once the showing is over, do another clean-up to disinfect commonly touched surfaces.
Expect some delays.
While your realtor has been adapting to the new process of selling a home during a pandemic, other key parts of the process can face delays. For instance, it might be difficult to get in touch with lawyers or schedule inspections. Issues that could be resolved with a quick meeting may go back-in-forth as others get used to working remotely. Limited bank hours might also affect a potential buyer’s ability to get financing. Stay calm when faced with delays, because that is the one thing that can be predicted during this uncertain time.
Stay on top of your own home search.
With so much uncertainty happening right now, it’s even more important to have a new home lined up once you’re ready. That’s because short-term and seasonal rentals (and even Airbnbs) might not be available in many areas for when you’re between homes, due to new local regulations. This is particularly true in beach towns and other areas that are popular with tourists.
Whether or not reduced inventory due to COVID-19 concerns can help you sell your home will depend on your area and the overall demand. With the exception of cleaning routines, though, the above advice will apply to increase the odds of a successful sale. Staying prepared (and keeping a positive attitude) goes a long way no matter when you plan to list your home for sale.
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"We used Mario from The Solis-Chirino Real Estate Group when we bought our first home 3 years ago. He was incredibly knowledgeable and patient with us as first time homebuyers, so when it came time to make another move we called him right away. We were super nervous because this time we were buying AND selling and just didn’t know what to expect. He met with us and explained the entire process in detail and was so easy to reach with any questions we had. I don’t think I have ever heard the words “buying/selling a home” and “stress free” used in the same sentence, but that’s exactly how it was for us! Our first home was under contract in ONE day for FULL asking price. We found our beautiful new home a couple of weeks after that and both closings went as smooth as can be. We are hoping to be in our new home for a long, long time, but if we should ever need to move again Mario will definitely be our first call!" - Jen & Billy Kern
We would never try to sell a house without them- Carolyn & Charles
"Miguel and Mario took a very difficult time in our lives, and made it as smooth as possible. Our house was on the market for only two weeks before the buyer made an offer. It was photographed well, marketed well, and handled in an extremely professional manner. Miguel and Mario communicated perfectly, and were by our sides every step of the way. I would never try to sell a house without them, and would highly recommend them to anyone, including my closest friends & family."-Carolyn & Charles Ramsey
Can't speak highly enough !
"Can't speak highly enough about my home buying experience with Mario. We met early on to set expectations and budget. With it being my first home purchase, I appreciate that he kept me focused on my original parameters that ultimately led me to my dream home. He was very responsive throughout the process and even well after closing to ensure a seamless transition to my new home." - Josh Connor