With the ongoing pandemic, homeowners are stuck between selling their house and waiting for the Covid-19 crisis to end. Since it is almost winter, many sellers are keeping their homes a little while longer since they believe springtime is the best time to sell. Others can’t make up their mind and are waiting for a “clear sign” to tell them the perfect time to add their property to online house listings. But if you want to sell your home for a better price, now is one of the best times to sell. Knowing what experts have to say about selling properties mid-pandemic can help you make up your mind about selling the house now.
Why the Pandemic Is a Great Time to Sell Properties
There Is a Shortage of Properties Listed for Sale
You are not the only one who is trying to keep their house longer before selling during the crisis. Even before the pandemic, there has been a shortage of properties being sold in the market. The crisis only made the real estate sector a lot more resilient and lots of buyers are on the wait list looking for properties to buy.
Buyers Are Trying to Catch up with Tax Breaks
One can enjoy tax breaks when buying properties before the year ends. If they can secure a home purchase by winter, they can include real estate taxes, home loan interests, and PMI or private mortgage insurance costs on their tax deductions. This means more savings for them in the process.
Mortgage Interest Rates Reached Another All-time Low
Incredibly, mortgage rates hit another low record late this November 2020. This drove more buyers into the real estate market. More homeowners applied for mortgage refinancing, meaning your chances of selling your property fast and at a desirable price is high.
Rural Real Estate Is Becoming Increasingly Popular
Before, properties located in urban communities are more desirable. But because of the pandemic, many are rethinking their priorities and are actually turning their attention to living in rural and suburban communities. If your property has more land and outdoor space, then you can expect more buyers to bid on your home.
The Latest Trends in Selling Properties During Covid-19
The pandemic changed how buyers are hunting and viewing properties. This means a regular advertisement for properties for sale wills no longer work. If you want to make your property more desirable to home buyers, then you need to keep up with the latest trends when selling real estate in the age of Covid-19.
3-D-Tours and Live virtual tours
Some sellers opted for 3-D-tours to give buyers the freedom to take a tour inside the property for sale. Buyers can navigate the property on their own and have a feel of what it is like to move through the real estate. To make this a reality, investing in a real estate photographer is a must.
With more people staying indoors, sellers need to be creative when it comes to property viewings. Nowadays, pictures and videos are no longer enough to attract buyers into booking an in-person tour. Luckily, technology makes it easy to accommodate live virtual tours.
Sellers and real estate agents now use video calls to host virtual tours to buyers interested in “seeing” the property. Did you know that there were already cases when buyers secured sight-unseen purchases? Some sellers are willing to buy a property they only say through FaceTime or Facebook Live to outbid other buyers.
When hosting live virtual tours, be sure to make it open enough to join the tour but private enough for buyers without exposing their identity. It is a good idea to have someone take down notes of the buyer’s inquiries and address each question before the tour ends.
Voice Calls to Stay in Touch with Buyers and Real Estate Agents
The pandemic made people long for real-life conversations. Many are now tired of texts and emails and are leaning to voice calls. According to news, phone calls were up by 33% since the outbreak.
Make sure you use contact numbers you often use and be ready to take multiple calls from buyers and real estate agents. Keep your lines open. Use a friendly but professional voice and answer their inquiries the best way you can.
Home Staging Before Selling
Sellers who want to sell their property for a better price are turning to home staging. This helps make the property look more appealing in photos, videos, and virtual tours. Home staging minimizes the less desirable architectural features while highlighting the best parts of the property.
If you are willing to invest in staging your home, you can start by decluttering the property and removing your personal collections. You can rent furniture or use a virtual staging app for a more cost-effective price. Use three-point lighting and allow a professional so nap and record videos for the virtual tour.
Selling a property while there is a pandemic can be tricky. It is not just the same as it was before. Keeping yourself updated with the best practices to keep up with the latest real estate selling trends can give you a competitive edge over other sellers. If you feel that now is the best time to start putting a price on your home, you can use this short list as a guide.