The coronavirus has created a new reality for all of us, and we don’t know how long it is going to take for things to get back to normal. But, life does not stop either. If you were thinking about selling your home before the public health crisis, you’re probably wondering what to do now. Does it make sense to wait? What is going to happen to the markets in the next six months? What if you really need to sell? Maybe you or your parents were planning to move to a retirement community, or just can’t handle the upkeep anymore.
Maybe you inherited a home, are tired of being a landlord, or need to move for a job. Whatever the reason, selling your home is not always easy during the best of circumstances, but selling your home during the coronavirus is going to be even trickier. That doesn’t mean you shouldn’t go ahead with your life — but it does mean you may want to change your strategy and take certain precautions.
Showing Your Home During the Coronavirus
Right now, people are doing everything they can to practice social distancing. This helps slow the spread of the virus, and can prevent you and others from getting sick. But, you still need to be able to show your home in order to entice buyers, so here are a few tips:
- Take a lot of pictures and videos to post online, and create a walk-through tour. Highlight any selling features such as updated kitchens and baths, finished basements, large bedrooms, decks and large backyards.
- Don’t shy away from pointing out the flaws in your pictures and videos. Buyers will appreciate your honesty, and giving them a good look at the areas that may need improvement will ensure that only serious buyers contact you to see your property.
- Do not hold an open house. Schedule showings by appointment only.
- Make a statement on your listing to let people know that you’re taking their safety and yours seriously by disinfecting doorknobs, light switches and other surfaces between each showing.
- Limit people coming to see your home to groups of one or two. No kids, no parents, aunts or friends.
- Have tissues and hand sanitizer handy for visitors. You could even consider providing latex gloves and masks as well.
Even after the stay-at-home orders are lifted, it’s a good idea to keep up these practices for the foreseeable future. The new normal isn’t going to be like the old normal for at least the next 12 to 18 months.
What to Expect When Selling Your Home During the Coronavirus
Like most things, home sales have slowed dramatically in recent weeks, and it is uncertain when they may pick up again. There is a good chance we are now heading into a recession, and the recovery could take months or years. That means home values are likely to start dropping. Right now, you probably won’t get as much for your home as you would have a few months ago, and it will probably take longer to sell, too. But, there is also a good chance it will only become more difficult if you wait.
Depending on the size and length of the recession, you may still get less money if you wait to sell your home than you would if you sold your home now. Or, maybe you are in a situation where you cannot afford to wait. Either way, you need to be realistic about what your home is going to sell for, and be prepared for the possibility that it won’t sell for quite as much as you’d hoped.
Also, remember that the longer you put off selling your home, the more you are putting into mortgage payments, utilities and upkeep that could be going toward your new home.
Selling Your Home for Cash
With the market taking a downturn, and selling your home becoming more difficult, there is another option you may not have considered. That’s selling your home for cash. Selling your home for cash is often quicker and easier than using a realtor. Or, than trying to sell your home yourself. There are no banks to deal with, so you don’t have to wait for a loan to go through – which could be tricky in this environment. In some cases, a cash buyer may even agree to purchase your home without seeing it in person. And, most cash buyers are looking for homes that they can renovate, so you don’t need to worry about making repairs that many realtors or buyers might ask for.
Overall, it’s a much faster and simpler process. You’re more likely to find a buyer during the slowdown – and before the housing marketing takes a turn for the worse.
If you’re in the greater Philadelphia area, and are interested in a free, no-obligation all-cash offer on your home, just answer a few quick questions, and one of the local real estate experts at Home Cash Guys will get back to you right away.