We are living in unprecedented times. The Covid-19 pandemic is currently sweeping through every country in the world, causing lockdowns that are even stricter than those that were seen in the Second World War.
With people being forced to stay in their homes, the economy has ground to a halt, and we have still not been given any reliable information about when we will be able to resume our lives.
Investment has frozen as people and businesses try to work out how best to protect their economic interests. The health crisis and financial meltdown could not have come at a worse time if you are looking to buy or sell a property.
Many buyers are holding off while they wait to see where the chips land in terms of the effect of the crisis will have on the housing market. Others are still actively looking to buy but will be cautious about running the risk of exposing themselves to the Coronavirus, attempting to minimize the time they spend around other people.
Selling in this environment is slightly more difficult, but by taking certain measures, it will still be possible.
Read on for five tips on how you can sell your property during the Coronavirus Outbreak
Stop Doing Open Houses
Under normal circumstances, organizing open houses is one of the best ways of generating interest in your property. These are extraordinary times, however, which call for us all to assume our share of social responsibility. Inviting large groups of people into your house could potentially put them and others at risk
In adherence to the social-distancing advice of government health experts, the responsible move is to cancel any open houses you have scheduled to help prevent the spread of the disease.
Create a Video House Tour
At this point, you may be asking yourself how you are supposed to attract buyers without open house viewings. A great way around this obstacle is to instead offer buyers a virtual video tour of your house.
Through the medium of a professionally-shot video, you can take your prospective buyers around your house to give them a taste of the basic layout and features of your house.
If potential buyers like what they see, it is a good time to invite them around for a private viewing. Because of the Coronavirus Pandemic, do not be afraid to inquire about how the buyer is feeling health-wise and whether they have knowingly come into contact with anyone who has tested positive to the in the recent past before you book the viewing.
If you need assistance or have any questions regarding this step, please contact one of our local East Idaho Real Estate agents.
Be Meticulous with Cleaning
As a precaution, every private viewing that you host should be preceded and then followed up with thorough disinfection. Make sure your real estate agent is equipped with alcohol disinfectant spray or gel and insists that viewers apply it liberally to their hands before entering your house.
Buyers tend to touch almost every doorknob, surface and fitting and that you will need to pay special attention to wiping things down with alcohol after every individual viewing. Cleaning and disinfecting are highly recommended for the health and the safety of buyers and sellers alike.
Negotiate and Sign Contracts Digitally
When you get an offer, the next stage can be achieved without the need for face-to-face meetings to take place. Video-conferencing technology is now advanced, and any negotiations can now be conducted entirely within the digital realm. When you have settled on a mutually-acceptable price and it is time to sign on the dotted line, make use of one of the many e-signing programs that are now available online to seal the deal.
Be Prepared that Some Initial Offers may be Lower
A large proportion of buyers in our local market will put their dream home search on hold until the crisis blows over. Others who remain in the market are likely to be cautious not to pay over the odds.
Worried about the prospects of a mortgage rate crash, this second lot of buyers will be reluctant to be saddled with paying an enormous mortgage for a house that could be worth a lot less in the near future. With this in mind, expect that some offers may be lower than expected as buyers attempt to navigate the troubled waters. Limited inventories in certain markets are still resulting in favorable outcomes for sellers – thus far.
Even amid a crisis of epic proportions, when it comes to selling a property, where there is a will, there is always a way. The key to selling in at this time is to learn to be adaptable in order to find a way around the novel obstacles that you are bound to encounter.
Selling your property is a major event in most people’s lives, but remember that staying healthy trumps all. Do not panic and do not take any unnecessary risks.