So much has changed in the world of residential real estate over the past that months that it seems important to cover the best ways to effectively handle this market as a home seller. Fortunately, we live in a time where information is so readily available we’re able to stay on top of the issues and adapt very quickly.
There are several things that a home seller needs to know in this market and certain ways they will need to adjust their approach to maximize their listing’s potential to perform. Hiring a competent and qualified real estate agent will give sellers a noticeable advantage. The agent chosen should already be familiar with most if not all of the tools and tactics we are covering in this article. So, let’s jump right in with our first tip.
Understand your market
Other than safety, understanding your market is the most important tip to take away from this article. Every market is different and special conditions like a pandemic impact each market uniquely. How quickly are homes selling in your zip code or school district? Have prices been affected? It’s easy to assume a health crisis of any kind would negatively impact the real estate market. However, a pandemic can cause demand to rise because inventory is lower.
We live in the 21st century and there is a plethora of technology available that allows home buyers and sellers to conduct business from a distance. Though video conferences, live streams, and virtual tours have been around for years, it is just now we’re learning the true value of these tools in real estate. Just about everything can be done virtually—at least at first. The initial consultations with your agent can be done through video conferencing, and buyers can attend virtual open houses before driving out to a neighborhood. Not only do these technologies keep us safe, but they also save a ton of time.
Safety is always the number one priority. Home sellers can and should take extra precautions such as leaving PPE and hand sanitizer for home shoppers to use, disinfecting all surfaces at the end of each day, and having your agent vet each buyer to ensure no one is exhibiting symptoms. Buyers should also take extra precautions when touring homes. Wear gloves, and try to make as little contact as possible with the surface area of the property. Buyers should also be sure to wait until other parties have exited to the property before entering.
Lean on your agent
During a pandemic, a good agent is going to be following the numbers week by week. Lean on them for advice during this time. After all, that’s what you hired them for. If they aren’t already doing so, ask your agent to share the numbers for your neighborhood on a weekly basis. Important data are new active listings, pending or under contract listings, and average days on market. Sold data usually lags by at least a month. So don’t let those numbers scare you. We hope this information helps you on your journey to sell a home. Remember that a pandemic does not necessarily create a less fruitful real estate market. But, it is important to have as much information about the current state of your market before diving in headfirst.