Selling a home during the COVID-19 pandemic may leave you with many questions. Since this public health crisis basically took everyone by surprise, you could be concerned about challenges in the new housing landscape and the steps taken to mitigate these challenges.
Fret not, for we can answer your burning questions about home selling in this pandemic through this comprehensive list of FAQs:
- Should I sell my house during the pandemic?
Selling your home is a big decision, more so in this unprecedented time. If you’re deciding whether to sell your house or not, consider your financial situation and health first. The pandemic should not stop you from selling your home if you need to.
- Are people still buying homes?
Despite the pandemic, the interest in the housing market continues to surge. In fact, mortgage applications have increased by 54.1% as compared to the previous year. According to the MBA (Mortgage Bankers Association) Builder Application Survey for June 2020, home buying activity slowed down during the first few months of the pandemic but bounced back quickly.
This increase in mortgage applications can be attributed to record-low mortgage rates, falling from 2.87% to 2.81%.
- Will there be more competition?
Buyers are now outnumbering sellers in the current housing market, with buyers competing more against each other. Many homes are selling quickly as well, some even within days or hours. This means that you’ll be selling your home in a seller’s market.
- Will my house be sold for less?
Due to the low housing inventory, the value of your home may increase as well. According to CoreLogic’s July Housing Insight report, the price of homes nationwide has increased by 5.5% as compared to the previous year. If you do decide to sell your home during the pandemic, you are most likely to receive a windfall profit for your investment.
- Is it safe to sell my house?
One of the biggest concerns that sellers have is safety while selling their home. But if done under the right conditions, selling your home should not be troublesome at all.
Since open houses are discouraged to minimize the risk of exposure, in-person showings are given to serious buyers only. Buyers are usually asked to wear masks, remove their shoes, and sanitize their hands frequently. Doors, lights, cabinets, and drawers will be left open to minimize touching of these surfaces by buyers. The home should be cleaned and disinfected after every private showing, as well.
- Can I sell my house virtually?
The traditional way of selling a home typically involves open houses and other in-person showings. But with the ongoing pandemic, selling a home is now done online and virtual tours are the way to go. A virtual tour makes use of high-quality photographs or videos of your home. Through this tour, potential buyers can get a better sense of the home’s layout, size, and feel.
Virtual open houses are a great way to sell your home, as well. Since buyers can’t visit your home, you can bring your home to them. Live virtual open houses are usually hosted on social media sites or online conferencing platforms, with your agent showcasing the home’s best features and interacting with viewers.
Aside from virtual tours, you also need to provide accurate listing information and detailed information about the neighborhood.
- Do I still need to stage my home?
Whether it’s a virtual open house or a pre-recorded walkthrough, it’s important to make your home camera ready. Cleaning and decluttering the main areas of the home is a great start. Wiping down the windows, polishing surfaces, storing unused countertop appliances, and removing personal items are just some of the ways to make your house look great on video.
Preparing your house for sale also involves making a clear path inside the home. You can help your agent by plotting a map on how the tour will start and end. Once you have this map, you will see items that need to be moved aside or to storage for a seamless walkthrough.
- Can I close the sale remotely?
The answer is yes. In fact, closing a home remotely has already been practiced even before the pandemic.
The majority of states like Texas allow for Remote Online Notarization (RON). With RON, notarial acts can be completed using audio and video communication. There are several electronic signature apps and websites that also allow you to sign documents anywhere and anytime.
For more tips for selling your home as we all adjust to the new normal, reach out to 5 Point Star Realty. We would be more than happy to help you reach your real estate goals. Call us today at 806.224.3145 or send an email to email@example.com.