Are you wondering how Covid-19 will affect the chances of selling your home? Good news my friend, experts agree it’s safe to list your property! Unlike many other industries, Real Estate is “holding steady” during the pandemic. Yes, there will be adjustments in your selling strategy because of health regulations, but it is possible. Here are three benefits of selling your home now.
Current Buyers are Serious
Coronavirus has disrupted the real estate industry this season, in that there are fewer buyers and sellers than usual. Despite these changes, there are still people that need to move who are still in the market. This is a good thing. The pandemic has forced everyone to reconsider their priorities; anyone currently looking to buy is serious.
Many buyers are looking to downsize, and some are following job opportunities in light of rising unemployment. Low interest rates are giving buyers incentives by increasing their buying power. Additionally, stricter underwriting policies ensure their ability to afford a new home. This means that there is a lower chance of a deal falling through before closing.
FSBO Deals are Easier Because of Virtual Tours
Virtual tours have leveled the playing field for FSBO deals. Health regulations are now changing the way sellers are able to show properties. Open houses and home tours have bee moved online to maintain social distancing and keep people safe.
Agents and private sellers are now using the same strategies to attract buyers. Programs like Animoto and RICOH360-Tours, enable you to create beautiful virtual tours that can be uploaded to real estate websites. Likewise, meetings with potential buyers can be done via Zoom or similar apps. Owners that previously had trouble finding the time to show their property are no longer missing opportunities to view their home.
If you haven’t moved yet, virtual tours make staging easier. Before you record, you can remove furniture temporarily to optimize the video’s receptiveness. Studies show that buying a house is an emotional process. People want to be able to see themselves in the space. For this reason, empty properties sell easier. Pre-recording will solve this dilemma.
Buyers More Likely to Overlook Minor Issues
Fewer listings mean that buyers don’t have as many options and as the saying goes, beggars can’t be choosers. Buyers have to be more flexible since there is a limited selection. As a result, it’s likely that people are more willing to overlook issues that may have been a deal-breaker in the past. Selling a home now during the Covid-19 pandemic has brought about buyers who are less picky. Not that they’re desperate, but their need to relocate has reprioritized their must-haves.
The current market has not caused many sellers to drop prices, nor should they. Since there is not as much inventory, there is a higher chance that you will get what your asking. Selling may not happen as fast because buyers are more cautious right now, but there is no indication that you have to lower your price in order to sell.
Don’t let Covid-19 Stop you from Selling Now!
The coronavirus pandemic has brought challenges to our economy but real estate has withstood them all. Buyers and sellers have readjusted their strategies and found success regardless of Covid-19. The market is thriving despite fears of another crash like the one in 2008. So, if you’re thinking of selling, now is as good a time as any. Good luck!