With business and restaurants reopening, and some areas continuing a high volume of new COVID-19 cases, it’s hard to know how any sector of the economy is doing, especially the real estate market.
Are things getting back to normal? Is now a good time to consider selling a home? Whether you’re curious about the timing of a sale or the details of how it will all go down, we’ve got you covered. We’ve gathered advice from top real estate experts to answer your most common questions about selling a home during the coronavirus pandemic.
Can I sell my house during the COVID-19 pandemic?
Yes, you can still sell a home during the coronavirus pandemic, especially now that most states have reopened. The fact is that people still need to move, pandemic or no pandemic. In most markets, inventories are low and prices are high—which means you can still make a profitable sale. With low inventory and high buyer interest, many homes are selling very quickly. Interest rates are also low, and there’s serious demand for homes, especially in lower price ranges.
How can I show my home safely?
In places where face-to-face showings are still happening, top real estate experts are taking some extra steps to protect homeowners by allowing them only on a case-by-case basis. Your agent can help you limit in-person showings to buyers with loan pre-approval letters, and ensure potential buyers have viewed the virtual home tour and the seller’s property disclosure statement before being allowed in.
Assuming your family members are all in good health, there are several precautions your real estate agent can take to safely show your home. For instance, don’t overlap showings, make sure everyone wears masks and takes their shoes off (provide booties), and keep hand sanitizer at the door. Also consider leaving all the lights on and doors open (even closets), so fewer surfaces need to be touched.
Will I have competition selling a home in the current market?
Many potential sellers are still wary about putting their homes on the market amid a pandemic, making competition light. Your agent can help you avoid getting caught up in the competition, and focus instead on the things you can control—like competitive pricing, getting your home in a good state, and having a solid marketing strategy.
How do I handle inspections, appraisals, and closings?
Your real estate agent can help you navigate the new processes involved. These days, social distancing orders are allowing many inspections and appraisals to be done with minimal contact. Remote home closings have been an option for buyers and sellers in some states even before the COVID-19 crisis. Now there’s a push to expand this practice nationwide. The ability to close remotely also depends on the buyer’s lender, and your agent may be able to move that process along.
Selling a home during the pandemic is an adjustment for everyone, but buyers, sellers, and agents are working together to make transactions run as smoothly as possible!