Selling your home in the age of Covid-19
Selling your home during the pandemic:
Since the last year, Covid-19 had hit the whole home-selling market globally. This resulted in a very great slope down in new listings and residential sales. Even though the pandemic had hit the home-selling market, Globally, in many housing markets the buyer demand continues to be growing, and also the housing inventory had decreased gradually. This tends to be favorable to the vendor, but the vendor has to be prepared to handle the changes in home sales, market conditions, and changes because of the Covid-19 pandemic.
Most of the sellers tend to develop a typical question during this pandemic, “ can I sell my property during this pandemic?”, the solution is “Yes”. Obviously, a seller can sell his property during this pandemic by abiding by the rules and regulations framed by the State or local government, which incorporates safety measures and legal proceedings. If you're a seller, and you think about selling your home in this pandemic, you can follow these steps:
Step 1: You can hunt for a real estate agent to sell your property more quickly:
It’s always great to have an agent to promote your property and sell it. Hiring a real estate agent is extremely useful, where the real estate agent will advertise your property, attract new buyers to the property and sell them as per your interest, so you need not invest any time on marketing your property and you can focus on your other tasks or commitments. A real estate agent will be highly helpful for you in selling your property during this Covid-19 pandemic, as he will be conscious of current home sales market changes and conditions.
Step 2: Check for defects/ repairs in your property:
Before selling your home you must always check for defects in your property or confirm all the essentials like furniture, heaters, electrical systems, drainage system, water pipes, and other major systems are working properly. If there are defects you need to handle those as soon as possible, as time seems to be precious on selling your home in this pandemic, and don’t waste much money on renovating your property during this pandemic, just get the needed repairs done.
Step 3: Fix the correct price for your home:
Always choose the most effective price once you are getting ready to sell your home, overpricing can also be dangerous where your home might not be sold for an extended time and it's going to be left stranded within the market. You can seek advice from your real estate agent, where he will be updated with the present market analysis so he will assist you to fix the most effective price for your home. Your home will be priced based on the features, size, layout, condition, and surroundings. You can also compare your home with similar homes in that area and determine your home selling price.
Step 4: Make your home available to go on the market:
After fixing a selling price for your home, you'll need to make your home available to go on the market, to reach out to the buyers. Home availability is vital because the buyer may make an offer with you anytime. Before stepping into the market, ensure your home is set to be sold, you'll need to get all the repairs done, keep your home clean and attractive where you can opt for some neutral paints, keeping the floors clean, having carpets cleaned, etc.
Step 5: Arrange for home tours virtually, post-professional photos of your home:
In this pandemic, nearly most of the buyers are less willing to visit the property in person, instead, they ask for a virtual home tour that may be arranged either by the owner or the real estate agent. You can also send photos of your home to the buyers who have an interest in buying your home. Professional photos and videos play a significant role in selling your home, so you can spend money to make professional photos and videos for your home. You can seek help from your real estate agent to make those. Always concentrate on making an excellent first impression and plan accordingly.
Step 6: Showing your home to the buyers:
In spite of the pandemic, few buyers have an interest in visiting the properties and lots of sellers consider showing their homes by appointment. Showing your home to each buyer isn't possible because the pandemic had made it impossible to permit every buyer to walk through your home, you can choose some serious buyers who are really curious about buying your home and you can make an arrangement for the showing. In order to curb the spread of Covid-19, the National Association of Realtors suggest the sellers - think about home showing to buyers with preapproval letters where you can limit the number of individuals visiting your home right away. If you're far away from your home during showings, always be available on phone to answer any questions from the buyer.
Step 7: Accept or Reject offers:
Once the above-mentioned steps are complete, you'll start receiving offers from several buyers. All you've got to do is either accept the offer or reject it. If the buyer wants to make changes to the initial offer prepared by you then you'll need to prepare a counteroffer and update the changes. In order to enter into a contract, offers should be submitted within a period of time as set by the vendor or agent. Before accepting a proposal always ensure if the buyer is qualified to enter into a contract where you can do this by completing the background checks. You can also invite suggestions from your real estate agent where he might assist you in evaluating the offers, completing the background check, making eligible buyers enter into the contract, etc. Your real estate agent may also assist you in handling the financials at the time of making an offer also during the entire contract period.