Why are you so afraid to sell your home?

Don’t be afraid to SELL YOUR HOME! With all of the recent social distancing safety measures in place, you’re missing out on the seller’s market if you are afraid to sell! When the pandemic hit the world in March 2020, many businesses, particularly the housing market, experienced complete chaos.

Many issues arose due to the pandemic: a frozen supply chain with sellers backing out, realtors holding back from putting up properties for sale, construction coming to a standstill, and more.

BANKS ARE WILLING TO LEND ON LOW RATES

During the peak of the pandemic, the idea of selling your home may have seemed far-fetched. Since the government allowed mortgage suspensions and many states did not consider realty as an essential service, selling your home came with a lot of skepticism.

However, the situation is different now. With the COVID fear easing a bit, the markets are opening up again. Organizations have discovered different ways to sell properties with social distancing in mind and practicing minimal human-to-human engagement.

Banks are offering mortgages at a much lower rate as compared to the pre-COVID scenario (some banks have brought down the mortgage base rate to 0.1% as compared to 5% in 2010).

MANY PEOPLE CAN NOW QUALIFY FOR THESE MORTGAGES –
STOP THINKING THAT EVERYONE IS OUT OF WORK!

Overall, property prices have not been significantly affected and many financial institutions are offering multiple flexi-repayment options. This is just the right time to sell your property!

BIDDING WARS ARE REALLY HAPPENING NOW

Concepts such as virtual calling and interaction with buyers through video conferencing is the new normal. Realtors have begun to introduce new policies such as “COVID contracts” which give buyers more flexibility. For instance, buyers who bid for properties have the option to cancel the bid and walk away if they change their mind once they visit the property in person. Many people are now bidding on online portals to buy the property of their choice.

THERE ARE A LOT OF BUYERS

The reality of the new situation is that despite the pandemic, the supply and demand in the realty industry have been gaining momentum. There are multiple reasons behind this increased demand, such as workers relocating to more affordable places due to lost jobs, and the fact that people are still getting married and pregnant.

A recent study found that the real estate market in China is almost at 96% of sales as compared to December 2019.

QUICK TIPS THAT WILL HELP YOU SELL SAFER AND GET YOUR HOME SOLD

STOP HOME VISITS: While this is one of the best ways to market your home to prospective buyers, you must consider the restrictions of larger gatherings. It is advised that you do not call people to visit your premises. Since you cannot control the number of people who would want to visit your home, it is best to consider alternate ways to market your property.

CREATE A VIDEO TOUR: An excellent way to market your property is to make a video tour of your home, covering every corner of it. This helps potential buyers get a better sense of the layout of your property before they choose to visit it. Moreover, it will help you limit the number of people visiting your property. It is likely that only serious buyers will visit it in person. You can seek professional help to create these video tours. As a matter of fact, many realty agents offer “Virtual Tours” as part of their value-added service to sellers.

KEEP YOUR HOME CLEAN: While it is quite normal to keep your home spanking clean before a showing, this activity has taken a new level of importance due to the pandemic. It is recommended that you clean your home before and after any visitor checks out your property. This ensures safety for all involved in the process. Keep hand sanitizer handy for buyers to use when they visit.

MAKE GOOD USE OF TECHNOLOGY: If you get a positive sign from any buyer, conduct all your negotiations and transactions online and through web or teleconferencing. There are multiple options of signing documents digitally to get your job done. When in doubt, seek help from your realty agent!

TAKE A BREAK: There can be much confusion and stress caused by the pandemic, especially when we are all trying to use our best judgment to be safe. Take a break from marketing your home and let your realty agent build up leads for buyers. This will help you unwind and recharge your energy.

Selling your home during this ongoing crisis can be stressful. Having said that, we are sure this article will give you a new perspective on how to go about sealing the deal in the best way possible. Just use these tips to your advantage, happy selling!