As countless experts have already concluded, the COVID-19 pandemic has had an unprecedented impact on the global real estate market. In the US, many regions have seen price drops, as risk-averse and self-isolating buyers suppress demand.
However, that does not mean that selling a home is now a Herculean task. Rather, it just means that a reactive approach is needed, one that is more adapted to the times we find ourselves living in.
If you’re looking to sell your home during the pandemic, there is no need to panic. Simply follow these simple tips to ensure that you can effectively, safely, and fairly sell your home in 2020.
- Selling a Home, Virtually
First off, it’s worth noting that the vast majority of your selling activity will have to be done virtually. As this comprehensive guide to the impacts of coronavirus on the real estate market explains, there is a wealth of resources you can use to help sell your house virtually.
These include 3D touring software and Livestream platforms. However, note that you will likely have to bear the increased marketing costs associated with prepping your house for a virtual sale.
- Go The Extra Mile with Home Prep
Staging your home is one of the golden tenets of how to sell a home. However, when you are selling in today’s housing market conditions, you will have to go the extra mile.
If a potential buyer cannot come to your home physically, they will not be able to experience the ‘wow factor’ or get a feel for the house. That’s why you should invest in quality staging and design, to ensure that your home stands out even when it is being viewed via a laptop screen.
- Don’t Let Yourself Get Lowballed
In a market defined by uncertainty, home sellers can often feel pressure to cave and accept the first lowball offer they receive. However, that would be a strategic mistake.
Although there have been some quite pronounced house price drops in some areas, it’s clear that we are not going to see anything close to the drops seen in the aftermath of the 2008 recession. House prices have held steady in most markets and there is even evidence of a strong rebound on the way. Keep this in mind going forward.
- Less Interest, More Serious Offers
When selling your home, you might be alarmed by the lack of interest you are getting from potential buyers. It is true that many buyers have deferred their plans for now, but that is not necessarily a bad thing.
Chances are that those who are willing to reach out to you with an offer are actually serious, given the current circumstances. This filtering out of non-serious buyers will help you more effectively market and sell your home.
- Keep Watching the Market
Finally, it is important to note that the housing market is in a state of unprecedented flux. The signs are a mixture of positive and negative ones at the moment. If home prices in your area are falling today, they could rise again tomorrow.
Now is the time for patience. That’s why it is important to keep monitoring marketing conditions so that you can identify the right moment to sell your home.
Staging Your Home the Right Way
When selling a home, effective staging is everything. That’s why it is important to have the right resources at your disposal. Fortunately, we’ve got you covered.
Make sure to consult our expertly-curated Home Improvement guides to find out how you can bring your house up to scratch and sell it quickly.