There is no doubt that the recent Coronavirus Pandemic has caused an economic slowdown. While the U.S. economy may be reeling from the recent Coronavirus Quarantine, the housing market has proven to be resilient.
Typically, spring is considered to be the height of the real estate market. However, as May comes to a close, many homeowners have delayed putting their home on the market amid rising economic uncertainty.
Check out some first hand experience from our very own assistant Property Manager, Ashley Cook.
"On the fence about selling? I feel ya. For the last six or more months, I had planned to put my house on the market during the busy spring buying season. Then BAM! Out of nowhere comes "Coronavirus" and turns my plans upside down. All of a sudden, my world began to spiral out of control. Events were being cancelled; folks were panic shopping. I mean hello… I still can’t find Cottonelle. If I cannot buy simple everyday items, HOW was I supposed to sell my home?
While it was not an easy decision, I decided COVID-19 was not going to rain on my parade and listed smack-dab in the middle of quarantine. I was pleasantly surprised to learn that folks are still shopping for homes and was even lucky enough to find a buyer!"
Are you sitting here reading this wanting to list your home, but are nervous to do so in the midst a pandemic? Please know that while the U.S. economy is only beginning to re-open, real estate brokers in many parts of the country say it’s a seller’s market, inventory remains tight, and low interest rates allow buyers to stretch budgets.
Deciding to sell your home is stressful and deciding to sell during a time of social distancing is downright frightening, but it doesn’t have to be.
“You must double-down on every good pre-quarantine practice, and make sure the house is even more prepared than it was when the majority of people would be visiting it actually versus virtually,” said Paul Legere, a real estate agent with The Joel Nelson Group in Washington, D.C.
Here are some things to consider when deciding to sell your home:
Health First
Some sellers assume there will be no showings. While this statement isn’t correct you can limit in person showings to serious buyers only. The NAR also recommends realtors and potential buyers wear disposable mask, shoe covers, and use hand sanitizer when entering your home.
Virtual Marketing
You have one chance to make a first impression. Now is not the time to save on staging. With realtors offering more virtual home tours and using options such as Facebook Live, the bar has been raised on how homes should be marketed and presented. Be sure the agent you chose understands how to navigate the digital world and can help ensure you home looks great on camera. You also want your home to be warm and inviting for buyers who chose to visit in person.
Inventory & Interest Rates Remain Low
According to realtor.com®’s April Housing Trends Report, there were 15.7% fewer homes for sale this April compared to a year ago. Low inventory is great news for sellers, because there are fewer choices for buyers, increasing your chance of selling. And while economic uncertainty and layoffs have delayed some buyers plans, today’s low interest rates are enticing buyers.
Be Prepared for the closing process to take longer:
If you are lucky enough to land a buyer, beware that home closing are not immune from the effects of Coronavirus. Back in February, once an offer was accepted the closing time averaged 43 days, but that number was up to 60 days in March. In light of recent events buyers specially are asking for more contingencies, such as extended home inspection windows. In addition, surveys, inspections, and repairs may take longer to complete.
Should you choose to sell, remember patience is key! Together sellers, buyers, and realtors are facing unique and uncertain times.
No need to look at a list of property management companies! If you are interested in Gainesville FL Property Management please contact us. We can be easily reached here on our website by completing the contact form above on the right. You can also email us at [email protected] or via phone (call or text) 352-478-8029.
