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Selling Your Home in the Age of Coronavirus? Here Are All Your Top Questions, Answered

June 4, 2020

Selling FAQs During Coronavirus

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With every day of this pandemic feeling like it brings a fresh batch of news, you’d be forgiven for feeling confused about the actual state of things now. While many cities start to reopen—and some continue to experience 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 an OK (or even appropriate) time to consider selling a home? Whether you’re curious about the timing of a sale or the nitty-gritty details of how it will all go down, we’ve got you covered.

We’ve gathered advice from the real estate experts to answer your most pressing questions about selling a home during the coronavirus pandemic.

Can I sell my house during the COVID-19 pandemic?

Selling a house should always be based on a number of factors, particularly with regard to your family’s health and financial situation. But to cut to the chase: Yes, you can still sell a home during the coronavirus pandemic, particularly now that states are beginning to reopen.

In most markets, inventories are low and prices are high—which means you can still make a profitable sale.

“Now’s a great time to sell,” says Michelle Sloan, a broker and a Realtor® who’s with Re/Max Time Cincinnati. “With low inventory and high buyer interest, many homes are selling very quickly—within days or hours in some cases. Interest rates are also low, and there’s serious pent-up demand for homes, especially in lower price ranges.”

Is it safe to sell your home during such an outbreak?

Home selling safety during coronavirus
Selling your home during a pandemic means extra precautions.

Siriporn Carrelli/Getty Images

You might be asking yourself if it’s safe to go through the traditional home showing and selling process. Assuming your family members are all in good health, there are several precautions your real estate agent can take to safely show your home to interested buyers.

“We’re allowing showings, but with safety in mind,” Sloan says.

For her team, that means no overlapping showings, no children in the house, masks on, shoes off, and hand sanitizer at the door. She also recommends people leave all of their lights on and doors open (even for closets), since this translates into fewer surfaces being touched.

Are houses even selling now?

Yes! The fact is that people still need to move, pandemic or no pandemic. For instance, in Austin, TX, at least 400 homes “and counting” are closing every single week, reports Regine Nelson with Wealthward Realty.

“Austin is low on inventory; we still have more people moving here than we have housing available,” she says.

Other markets, like Tampa, FL, are seeing a similar trend in sales.

“Houses are definitely selling now,” says Nadia Anac, a Realtor with Reagan Realty. “In my market, I’ve even been in multiple-offer situations.”

The key to these kinds of numbers seems to be in the inventory: Markets with low inventory are seeing houses sold quickly. As always, we’d recommend chatting with a local real estate agent to get the pulse on exactly how your market is performing.

Should I sell my house during a recession?

Since this recession is largely dictated by the pandemic, it’s almost impossible to keep the two separate. But if you do decide to sell during this period of economic downturn, take the time to consider your own financial stability, as well as the conditions of the market you’re moving to.

“If you planned to sell your home due to relocation, a short sale, or moving for larger space, then I would recommend proceeding—but with caution,” says Nelson. “Do you have another home or area in mind? Always be sure to see if what you are seeking is available or will be available when you’re ready to find a property to purchase.”

And while the buyer pool has undoubtedly shrunk in the past few weeks, that’s not necessarily a bad thing.

“Homes are still selling, but lending requirements have tightened, meaning buyers are more qualified and ready to move forward,” says Karen Parnes, owner of NextHome Your Way.

Will I have competition if I try to sell my house right now?

home selling competition
Even during a pandemic, you can expect some competition from other sellers.

georgeclerk/Getty Images

“You’re likely to have much less competition as a seller right now,” Parnes says, since potential sellers are still wary about putting their homes on the market amid a pandemic. (These conditions are expected to change as summer ramps up; more on that later.)

But Nelson advises her clients to avoid getting caught up in the competition, and focus instead on the things they can control—like competitive pricing, getting their home in a good state, and having a solid marketing strategy.

Another point to remember? Competition happens on both sides of the street.

“Once you sell, you’re way more likely to have competition as a buyer,” says Parnes.

Should I expect to sell for less right now?

Not necessarily. Although the economy’s experiencing a recession, that doesn’t mean prices are going down.

“There are less buyers, but there are also a lot less homes on the market,” says Parnes. “The old rule of supply and demand still holds.”

While some predicted a price drop for 2020, experts now expect the summer home-buying market to be much hotter than expected, as many Americans feel more secure in their jobs and can physically step into the homes they are considering.

While you might not have to drop your price, Anac reminds her clients that they may need to be more patient in pursuing a good sale.

“If your house is priced correctly, and depending on your market, it may just take a little bit longer to sell,” she says.

How can I sell my house without allowing buyers to walk through?

virtual tours
If you’re selling, now’s the time to make the most of virtual tours.

dem10/Getty Images

It may be the safest option, but it’s not the easiest to pull off. Understandably, buyers want to see the home they’re buying in person. And no, telling them they can walk the property without entering won’t help matters much.

“It’s mostly impossible to sell your home with no showings or [prospective buyers] in the home at all,” says Parnes, although she admits “real estate transactions are still happening in states where showings are not allowed and being done completely virtually.”

If you have special health concerns or live with someone who’s considered high-risk, talk with your real estate agent about the possibility of virtual showings. Otherwise, consider just cleaning up thoroughly after would-be buyers leave.

Should I stage my house?

virtual stage kids room after
This room was virtually staged with furniture for adults.

VHT Studios

“Staged homes always sell faster,” says Anac, “but especially in times like these.”

The real question isn’t whether you should stage your house, but how you should stage it. With more tours and showings happening online, you might consider having your home virtually staged rather than actually inviting people into your home to decorate it.

How can I prepare my home for a virtual tour?

A virtual tour can run the gamut from a live walk-through with an agent on FaceTime to a sophisticated 3D rendering from companies such as Matterport. But for the most part you want to prepare for a virtual tour the same way you would for a still-photo shoot—by decluttering it, upping the curb appeal, and making sure nothing is broken or an eyesore.

“Make sure everything is clean, all lights are turned on, fans are off, blinds are open, surfaces are cleared, and everything is put away,” advises Anac.

How can I close remotely?

States are handling remote closings a little differently, so the short answer is to ask your real estate agent. The long answer: The way settlements are being handled varies quite a bit.

“Some, but not all, states have remote settlements,” says Parnes. “Some have approved it temporarily, and those that don’t are typically splitting the buyers and sellers at settlement and having only the essential people involved at the table.”

Looking for more advice on selling your home in the age of COVID-19? We’ve got you covered.

The post Selling Your Home in the Age of Coronavirus? Here Are All Your Top Questions, Answered appeared first on Real Estate News & Insights | realtor.com®.

‘Tis the Season (to Sell): 6 Reasons You Shouldn’t Take Your Home Off the Market for the Holidays

November 15, 2018

As we careen at warp speed toward Thanksgiving, Christmas, and all of the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market—or hold off on listing it—until after the new year. After all, you’re swamped with cooking, shopping, and decorating, and the last thing you need is a bunch of potential buyers traipsing through your house, right?

Wrong, says Tg Glazer, branch vice president and managing broker of Coldwell Banker Residential Brokerage in Bernardsville, NJ.

“It’s a huge, huge mistake to either remove your home from the market during the holiday season, or to not put your home on the market if you’re getting ready to sell,” Glazer says.

Why? The first reason is painfully obvious: Your house can’t actually sell if it’s off the market, says Nora Ling Lane, executive vice president for Allie Beth Allman & Associates, a Berkshire Hathaway affiliate in Dallas.

“I’m pretty adamant about leaving a home on during the holidays,” Lane says. “Sure, people are busy, but I’d rather buyers see a house messy with baking in the kitchen than miss the house. Let somebody else take their house off the market and miss out.”

In fact, this time of year can actually be ideal for selling. Here’s why.

1. Your listing will rise to the top

If homeowners in your hood take a break from the market because they don’t want to bother keeping their properties in show-ready condition over the holidays, that makes for reduced inventory. And that means buyers who are actively searching will be more likely to uncover your listing.

“During the busy spring market, for example, you have way more competition than during the holidays,” Glazer explains. “So you’re much more likely to get your home sold when you’re not competing with more potential sellers.”

2. Your house looks (and smells) amazing during the holidays

With festive greenery, the sweet aroma of cookies baking, and a warm fire in the hearth, you’ve got built-in ambiance—meaning you can appeal to buyers’ senses in a way that you can’t during other times of the year, Glazer says.

“With that nice, homey feeling, homes tend to show a lot better during the holidays, while making people feel really good,” he explains.

Plus, chances are good you’ll tap into some buyer sentimentality: During the holidays, we tend to feel nostalgic about family, home, and memories. That can cause a nesting instinct to kick in—and that often results in a sale, Glazer says.

Don’t go overboard with decorations, though.

“I tell sellers not to put a Santa Claus in every corner; you don’t want clutter,” Lane cautions.

And remember: Buyers need to imagine their furniture in each room, so avoid blocking important selling features such as large windows and fireplace mantels.

And if you live in a colder climate, be sure walkways and stairs are always shoveled clean, and turn your thermostat up before each showing to keep things toasty.

“When you walk in and it’s warm and cozy, that helps in the selling process,” Lane says.

3. Holiday buyers aren’t messing around

Yes, things typically slow down in the weeks leading up to the holidays. But there are still people actively looking for homes and ready to pounce—or those who just entered the market on a short timeline and need to buy fast.

“The people who are out there looking at homes during the holidays are serious buyers,” Glazer says. “And in areas where you have bad weather, these buyers are going to weather the storms—pun intended—to visit your property.”

Potential buyers who take the time to set up home tours during the holiday season are also more motivated to move forward if they like what they see, Lane notes.

“These are not tire-kickers just looking around because it’s fun; those are all weeded out,” she says.

4. Families often search during school breaks

Speaking of serious buyers: Relocating families often capitalize on the holidays as a time to move without tumult on the kids. They want to find the right property, have stress-free negotiations, and get their brood settled before school starts up again in January, Lane says.

“It’s a good time to show your house to people from out of town,” she says.

5. It can be easier to close a transaction in December

Buyers can often get their loans processed and approved faster in November or December than they would in the traditionally busy spring months, says Bill Gassett, a Realtor® with Re/Max Executive Realty in Hopkinton, MA. It all comes down to the holiday slowdown: Fewer home sales are on deck to process, plus lenders are motivated to close deals before the end of the year.

“I’ve seen from personal experience that because of the low volume of business, things move quicker with lenders,” says Gassett, who has been in the business for 31 years.

6. The holidays give you a chance to adjust your selling strategy

If your home’s been languishing on the market for several weeks—or months (eek!)—you might be feeling antsy. Maybe the best solution is to take it off the market and try again after the new year.

Fight the urge! You’re better off staying the course and using this slow time to tweak your selling strategy. Would home staging draw in buyers? Do you need to tackle that paint job you’d been putting off? Should you reassess your asking price?

“Generally, the reason a house does not sell is because it’s not priced right, and if it’s been sitting on the market, nothing will change over a 30-day period if you’re pricing it the same,” Glazer says. “You’re much better off getting the price in line with where it should be, and leaving it on through the holidays.”

Lane recently had clients who wanted to take their home off the market during the holidays and relist in January. She talked them out of it, had several showings, and signed the contract on Christmas Eve.

“I’ve sold more houses in December than in most months,” Lane says. “It’s always a busy month for me.”

The post ‘Tis the Season (to Sell): 6 Reasons You Shouldn’t Take Your Home Off the Market for the Holidays appeared first on Real Estate News & Insights | realtor.com®.