One of the few silver linings for real estate in the middle of this devastating coronavirus pandemic has been record-low mortgage interest rates. And housing experts predict those ultralow rates
Selling Your Home During A Pandemic
Dated: April 10 2020
With the sudden change of landscape of a pandemic extremely present, the Real Estate world does not stop. Many sellers were waiting for the spring to list their home and find a buyer. It would seem that these plans have taken a hit, but in reality, they just need some adjustments. As challenging as it may appear, you can still sell your home. In many ways from a buyer’s perspective this is a great time to buy. Interest rates have once again dropped to all-time lows and many lenders are more lenient on their most restrictive guidelines. With states and individual companies nationwide forcing stay at home policies, buyers now have all the time to investigate and research their dream home. While COVID-19 is changing the way homeowners are doing so, selling your home is still very realistic – here are 5 things to consider in this current market.
1. Showings (Virtual)
Over the past year real estate agents have slowly shifted to how they preview and show listings. In an effort to maximize time real estate agents started producing property preview videos. These can either be send through email on request or be placed on their website for public view. While doing videos in the middle of a crisis isn’t much of an adjustment, the biggest difference is where the videos are coming from. Instead of using professional media companies many are doing it themselves or relying on the video skills of the homeowner. With enough quality video footage a videographer or with new acquired skills an agent may add music, lighting or other effects to give it the finishing touches. A two to five minutes virtual showing usually gives prospective buyers all they need to make the decision to pursue a purchase. Instead of open houses and leveraging MLS exposure you can drum up interest in your property through a quality virtual showing.
Technology is evolving at a rapid pace. Not long ago eFax was a game changer and scanning a document from your phone was unheard of. Today deals are done with one party at a coffee shop sipping on a latte and the other one sunbathing at a nearby lake or the comfort of a living room. Leveraging technology as a seller you can complete almost all of the tasks you are required to do in a transaction. On the most basic level you and your real estate agent can use Facetime, Zoom or Skype to name a few services and to fine tune out a negotiation or contract detail, instead of simply texting or emailing. When you have an executed contract an attorney or title company can use electronic signatures from a scan or fax, instead of having to meet in person. From real estate agents, attorneys, title companies and lenders the real estate industry has quickly adapted to new closing guidelines and procedures. You can now pretty much sign every document you need without leaving your home.
The most traditional real estate transaction initial interest is usually derived from an alert on the MLS and the process is started. In this current climate, instead of solely relying on the MLS, most real estate agents are now realizing that word of mouth and interoffice networks are key components as well as becoming more creative. The most common starting point is social media. With people now staying at home there has been a tremendous increase on social media traffic. Real estate agents are using this to get organic interest in listings. A video tour of the property along with a dedicated website with all pertinent information, facts and data is a great way to find the right buyer in this market. There are also email or text alerts to fellow agents, investors, attorneys, title companies and mortgage brokers. In layman’s terms, if you list your home marketing and exposure will not be an issue.
4. Staging Your Home
Staging your home is a great technique because it provides a potential buyer a visual of how the space could look like by adding curve appeal and it can still be done! Once again technology plays a huge factor here. There are programs and applications that you and your real estate agent can use to virtually stage your property. This could actually be more appealing to buyers because you can provide them with multiple options. Remember that everyone has a different taste. Traditional staging would only give you one chance to make the right impression and If what you and your real estate agent come up with doesn’t work you are out time and money. Virtual staging allows the buyer to play around with what they like for them and see the property through that lens. Virtual staging will never replace the real one but it shouldn’t be something that holds you back from presenting your property in the best possible way.
5. Showing Your Home
A virtual property tour or a dedicated website can provide valuable property information, and while nothing replaces a physical property tour it is imperative that we follow current real estate regulations and guidelines. Be mindful that we all need to safeguard the health and wellbeing of everyone involved while also having the best possible, experience and outcome selling you home. If there is true interest in the property you can still virtually show it, following guidelines and leveraging technology. Given that in person showing of homes is prohibited by current Michigan executive order and until futher notice. Make sure to contact a local real estate expert and start the conversation.
When passion for real estate is combined with talent and uncompromising drive to succeed amazing things will happen! I am a Troy, MI based real estate agent since 2017 and with 15 years of buying and....