Agents offer advice on how home sellers should proceed

The virus crisis and resulting economic damage touch every business sector, including real estate. Home sellers, though, might employ tactics to get through this period as speedily as possible.

Below, agents from around the country share their thoughts on why it may be time to prioritize time.

Big improvements usually don’t pay

“I usually advise against making large improvements to sell a home in any situation, as it is difficult to recoup what you put in, and dealing with contractors can add to stress,” explains Jeremy Browne, SVP at TTR Sotheby’s International Realty in Arlington, Virginia.

Consult with a seasoned, local agent “who knows the current tempo of the market and get their suggestions on timing and improvements that will give the biggest return,” advises Paige Schulte of Windermere Professional Partners in Gig Harbor, Washington.

Circumstances alter timing decisions

“If the seller is now home with all the kids, and with contractors unavailable,” Schulte says, “it may make sense for that seller to lower the price for a quick sale with only minimal or no improvements.”

On the other hand, “some sellers are holding back listing their home until the crisis has passed,” says Elizabeth Leanza of Exit Realty, King & Associates in Spring Hill, Tennessee.

Significant flaws require disclosure

For a seller who has neglected maintenance and doesn’t have the funds or motivations to fix major flaws, selling as is probably isn’t a good strategy, says Leanza, adding that the phrase scares away buyers.

Moreover, most purchase contracts, even those on as is homes, still require a home inspection.

And, “Anything that will come up in an inspection report will almost certainly be found during the appraisal,” with the possibility that the buyer’s lender then won’t approve financing.

Disclose the flaws rather than try to mask them with the as is label, she advises.