Trying to sell a home? Take the time to plan coronavirus-related adjustments
How can you sell a home during a time of social distancing and increasing financial uncertainty? Very carefully, the experts agree.
Indeed, home sellers are treading cautiously during this pandemic period by taking extra precautions and altering their timelines and expectations. Others are pulling their homes off the market and rethinking their entire selling strategy as they wait for market conditions to improve.
Those determined to stay the course and proceed with showings, contracts, and closings are following best practices. A recent survey by the National Association of Realtors revealed that up to 44% of sellers had changed the way shoppers viewed their homes during the COVID-19 outbreak. This change includes nixing open houses, making prospective purchasers use hand sanitizer or wash their hands, and requesting visitors put on footies or remove shoes. Meanwhile, at the time of this writing, Redfin observed a 494% rise in requests for agent-led video home tours, with video-chat tours comprising around 30% of all tour requests. (Virtual tours may be the only option if a town or region still prohibits open houses or home showings.)
Erin Krueger, a real estate agent in Nashville, Tennessee, says she and her seller clients have adapted successfully despite coronavirus concerns.
“The good news is that our sellers remain committed to getting the home sold and adopting new ways to make it safe for their families and for buyers,” Krueger says. “We’ve implemented video, FaceTime, and 3D tours; supplied homes for sale with antibacterial wipes, hand sanitizer, and footies; and limited the number of people who can walk through the home at any given time to three.”
Also, Krueger and her team require that anyone present during a home showing wear protective gloves provided by the agents, that sellers keep all lights on and doors open for a “contactless viewing,” and wipe all surfaces down with antibacterial wipes after the showing — especially doorknobs and the lockbox.
At Compass in Los Gatos, Brad Le, Realtor with the Elevate Group, strongly advises his seller clients to move out of the home if they can, at least temporarily, while it’s on the market.
“You want to maximize exposure of your home, so making it available to show 24/7 is important. And knowing that the seller has moved out can reduce buyer fears of virus transmission,” Le notes.
Having your home professionally cleaned can impress home seekers, too.
“I would spend the extra money for more routine deep cleaning of your home, especially if you’re still living in it while it’s on the market,” Le adds. “That’s something your agent can promote by posting or mentioning that the home is, for example, ‘professionally cleaned on Tuesdays and Thursdays,’ with the name of the cleaning service provided.”
Prepare to be patient and adjust to changing conditions, as well.
“Most markets will have declines in buyer visits and transactions. Pricing appropriately from the time you first list your home will help,” explains Glenn Phillips, CEO of Hoover, Alabama-headquartered Lake Homes Realty.
However, Arvin Haddad, real estate agent and co-star of CNBC’s “Listing Impossible,” cautions against COVID-19-related discounting.
“Especially if you are desperate to sell, don’t lower your price during the quarantine. It won’t serve you while the buyer pool is thin. Use your price reduction tool strategically once the market reopens,” Haddad says. “If you’re less serious about selling right now, pull your property off the market and be patient — particularly if you are moving from one property to another.”
Lastly, plan for delays and postponements.
“I’ve been told to expect settlement dates to be later than expected, as appraisers have been on hold and some townships have been closed for business,” notes Denise Supplee, Realtor with Long & Foster in Willow Grove, Pennsylvania. “Fortunately, some lenders are allowing things like drive-by appraisals.”
Christa Huffstickler, a license partner of Engel & Völkers Atlanta, also anticipates delayed closings.
“The Georgia Supreme Court has allowed closings by videoconferencing and our governor signed an executive order allowing for notary publics to notarize documents electronically,” she says. “We can certainly expect an increase in contactless activities like these going forward.”