Here's How Home Buyers and Sellers Can Stay Proactive & Position Themselves for a Post COVID-19 World
Just a few months ago, the country was going about their daily lives, planning spring and summer activities without little idea that things were about to change. Most real estate experts in the country expected that this spring would be a popular one in terms of buying and selling. As of right now, most of them have probably altered that assumption.
While the processes surrounding either buying or selling a home will surely change, purchasing a house during this time is still possible. However, it is going to require a little bit of extra work and planning. Here are a few tips that buyers and sellers can follow to help them stay proactive and find success in selling or buying a house this spring and early summer.
Come up with a new plan
The only certain factor during this pandemic is that those who are in the real estate game are going to need to make some changes to their original plan in order to continue. Most Americans are advised to stay at home to prevent the spread of Coronavirus, making things like physical showings unsafe. Coronavirus' affects on the spring housing market force us to think outside of the box, which isn't necessarily a bad thing.
If you're someone who is selling in the next few months, have a video call with your real estate agent to discuss coming up with new selling tactics. Given the fact that the economy is not as strong as predicted and because many are unable to leave their homes, less people will be purchasing houses in the coming months. You can still come out strong by staying persistent. For example, people are spending more time on social media-use that to your advantage by uploading images of your home and updates on any remodeling you may be doing.
Buying? Because less people may be putting a pause on their home search, the overall competition will be lower. Take the time to search for homes that fit the bill and that will be just as valuable for years. Before the pandemic, many regions were in a sellers market, which put pressure on those who wanted to purchase a house to be quick so as not to miss a great opportunity.
Understand your resources
Most people are overwhelmed by everything that is happening because there is a ton of information circulating. Right now, it's critical that you do your research and understand both the benefits and risks of buying or selling a house right now. We also want to make sure that you know the resources that allow the real estate market to move along, and almost all of them can be done virtually.
Selling a home right now will be a challenge, but through virtual showings, alternative appraisals-which are allowed to replace full appraisals until May 17, 2020-, and other resources now available legally online, you can safely do so. Real estate agents have been working hard to educate others and their clients on these resources so that they can provide insightful selling tips during coronavirus.
Stay optimistic
As of right now, everything might seem uncertain and overwhelming, but staying optimistic is necessary for finding success in real estate. Understand that there are a variety of options for both sellers and buyers alike that will make every step of the process doable. If you are unsure of where to start, find your local agent and give them a call today!
