Selling during the Cornavirus: 5 Questions Answered

There are so many questions and concerns amid the COVID-19 coronavirus outbreak. The real estate market is hard to predict, and sellers are concerned. Real estate at its core is a people business. It relies on person-to-person interaction and COVID-19 necessarily limits this contact. As the spring selling season gets started, home sellers will have questions. I understand your concerns, and am offering some practical advice and concrete information to help sellers make the best decision for yourselves and your families.

1. Should I still try and sell my home?

– Of course, there are many aspects to this question. First and foremost, the health concerns of your family have to be taken into consideration. Unless absolutely necessary, the elderly and those with underlying health issues should not allow unnecessary people into their homes; including buyers and agents. If the household is essentially healthy and not considered high-risk, then this could be a great time to sell. Consider the advantages of lower inventory coupled with low-interest rates; as listings become rarer, the remaining inventory will get more attention which could create better offers.

2. Is it safe to have people through my home? – This is certainly a valid concern, but there are practical steps you can take to ensure safer home showings.

3.What can I do to protect my family during showings? - Protect the home, family and visitors alike by taking the following precautions. a. Keep hand sanitizer at the front door to offer buyers and their agents when they enter the home. b. If there is a guest bathroom, keep disposable hand towels and soap for guests to use, and I will make the request known to the showing agent. c. If available, offer disposable gloves for use with a receptacle for used gloves. d. Limit the showing days and hours so you can properly clean between showings. e. Have cleaning wipes handy. Request agents to wipe surfaces, door handles, and banisters which are touched during the showing. f. Let's offer virtual showings or host virtual open houses. Technology is a wonderful thing, let's use it to our advantage!

4.What happens if my buyer loses their job?

–Most real estate contracts include a contingency for the buyer loan approval and funding. Now more than ever, it’s critical to keep that contingency in place. In the unfortunate event the buyer loses their job or can no longer qualify for the loan during the contingency deadline, the parties typically cancel the contract. The good news is that the FHA has not changed their method of credit scoring, and coupled with the stimulus, there's a better chance that qualified buyers will be able to fulfill their contractual obligations.

5. Will I get a higher price if I wait to list my home?

– The truth is no one knows. We don’t know how long or short the crisis will be and we don’t know how the financial market will weather the outbreak. While this is a question you will ultimately need to decide. Let's discuss your personal situation, and figure out the best strategy for you, your family, and your real estate needs.

This spring selling season has proven to have unique circumstances – please contact me to learn more about the current outlook and opportunities in your local market.