The Coronavirus pandemic has created an unusual time in history. Our day-to-day routines have been shaken up and what was once normal activities may now be prohibited. For home sellers, COVID-19 has created some unusual challenges that we typically do not experience, particularly in the spring months when the housing market is hot. However, this doesn’t mean that you can’t place your home on the market during the pandemic, you simply must proceed with caution and create a plan with your real estate agent to overcome these challenges.
Here are four challenges of selling your home during the coronavirus pandemic.
1. Fewer Buyers
Sellers aren’t the only individuals who are hesitant to enter the real estate market during the COVID-19 pandemic. Many buyers are proceeding with caution as well. Unless there is a large sense of urgency with a home purchase, many buyers are waiting until the pandemic is over to seriously begin their house hunt. This means that there are fewer buyers looking at homes and making serious offers on properties.
However, this doesn’t mean that your house won’t sell. Mortgage rates to purchase a home have hit a historic low. For many buyers, this makes homeownership a reality and they want to take advantage of the low rates as soon as possible.
2. Showings Are More Limited
Home showings are different than they were a year ago. More caution is taken to keep you, the buyers, and the real estate agents safe. Buyers are asked to no longer bring their entire family to a showing and to limit the number of people who enter a house. Buyers should not touch anything in the house including light switches, doorknobs, or handles. If they wish to see inside closets, cupboards, etc., the realtor will be the individual who opens and closes the door.
In many situations, virtual tours are recommended as they allow buyers to get a feel of the home but they do not have the risk involved that in-person showings provide.
3. Some Companies Are Closed
While real estate agencies, title companies, banks, etc., are considered essential businesses and can remain open, you may experience some delays. For example, many local offices have closed their office doors and are working with clients on an appointment-only basis. You should also prepare for some delays with processing. For example, due to lower interest rates, some banks are reaching an influx in mortgage applications for refinancing. This means it may take buyers a little longer to receive approval and for financing to be processed.
Luckily, you can overcome this challenge by being proactive and prepared. Work closely with your real estate agent to provide all necessary information and to answer all questions. Be flexible with your schedule to allow for an inspector, appraiser, etc., to enter your home.
4. Your Home May Take Longer To Sell
If you do plan to sell your home during the COVID-19 pandemic, be aware that it may take a little longer than usual to sell your house. This can be a challenge that sellers face if they need to sell their home quickly. You may need to make additional arrangements during this time.
However, if you do need to sell your home, do not panic as it will likely sell. By working with an experienced and qualified real estate agent, you are on your way to a smooth transaction. Plus, making smart decisions such as pricing your home wisely and making appropriate updates and repairs to your property will attract potential buyers.
If you are considering selling your home, let the experts at AlpharettaZen help. They can assist throughout the entire home-selling process and can be your resource during this uncertain time. Contact them today for more information.