When COVID-19 hit the world, it sent the unemployment rate soaring and people on lockdown. This affects various industries, particularly real estate. With people not having reliable financing, it may seem impossible to arrange a real estate sale. It doesn’t necessarily mean that you can’t sell your property, though. It might just be more challenging. So here are some tips if you are still decided to list your house in the midst of the pandemic:
The COVID-19 makes real estate negotiation harder. Due to the low mortgage loan lenders offer, you can expect buyers to settle for a lower price. If you are a first time home seller who finds it difficult to negotiate and is at risk of selling your property at a lower market price, consider getting the assistance of realtors such as Hudson Smith Real Estate Group. They provide expert advice to people who need help in real estate sales and investment. They can negotiate on behalf of you.
Home viewing is still allowed but with restrictions. The better alternative is providing a virtual tour. Through machine learning and virtual reality, which are the primary technologies behind it, you can give your clients a tour of the house in a seemingly real way. This makes the buying process more exciting. Experts say that virtual reality is starting to shape the real estate industry, so it’s one of the technologies people need to watch out for. Might as well take advantage of it today.
As the inflation rate goes up, so do the home values. Statistics show that property value increases by 1.9%. This may seem to be a better time to sell your home, but you have another thing coming. First off, the high unemployment figures can delay the mortgage sale. Second, the price is more likely to fall. It’s best to be aware of the housing market and take into consideration the changes.
The government keeps reminding people to apply the safety protocol when it comes to buying and selling properties. Here are the precautions buyers and sellers should follow:
- The initial viewing must be done virtually.
- The seller must arrange an appointment before the property visit.
- Wear proper safety gear, such as masks and face shields.
- No more than two house members can enter inside.
- Doors and windows must be kept open to promote good air circulation.
- One should leave before the other enters.
- Handles must be sanitized.
- The social distancing guidelines must be strictly implemented during the viewing process.
Even before the lockdown occurred, statistics show that 92% of people search online first before buying a property. Besides hanging a real estate sign outside your property, consider listing your house on different websites intended for buyers and sellers. Some of the best platforms include Zillow, Realtor.com, Trulia, and Redfin. These websites even provide demographics, allowing you to connect to potential buyers. Work on your profile and then include the important property information such as size, color, location, and the number of bedrooms. Most importantly, your contact number so interested buyers can get in touch with you.
It’s always a good idea to prepare your home before selling it if buyers request to view it sooner than expected. One thing you want to work on is your home curb appeal. Research shows that it’s the first feature home buyers look for; it’s no wonder why it increases the value of homes by 17%. Consider trimming tall grasses and shrubs. You may also try extending your interior to your exterior space. The more livable space you offer, the higher the value of your property goes.
This includes taking good shots of your house from different angles, allowing potential buyers to see it from different perspectives. Visuals play an important role in selling a property. The better the quality of the photos, the more enticing your ad becomes. A drone is an excellent way to capture aerial footage and provide a virtual tour of your property, so you might want to consider it. When you post them online, enable a zoom-in feature so buyers can view them up close.
Prepare your documents, such as the house manual and insurance. The former can help the new owner operate the appliances in case you have smart home technology, and the latter can cover the losses or damages when an accident occurs.
Selling a house in this time of COVID-19 requires more patience, effort, and effective strategy, but they sure will pay off!