Every homeowner knows that selling a property can be a stressful experience. So, it is reasonable to assume that selling your property during the COVID crisis would be extra stressful. With the economy shuttered and social distancing as the new normal, selling a home has experienced significant challenges and restrictions to both real estate agents and buyer’s agents alike.
Here, we discuss tips on how to sell your home during the coronavirus pandemic.
1. 3D Home Tours
With open houses banned in many locations and homeowners skittish to let potential buyers in, realtors are turning to technology to let buyers have a look inside a home. Real estate agents are increasingly streaming and recording virtual tours that allow buyers to have a look at the property without having to leave their residence. Statistics show that the number of 3D home tours created on listing apps nearly tripled in March when compared to February. And the last week of March saw the number of tours created jump more than five times compared with a typical week in February. Additionally, searches for virtual viewings have increased by a whopping 92%.
Homeowners are also using virtual tours to drive interest among buyers and provide a detailed view of the property. Another plus is that virtual tours reduce the number of in-person visits to only those who are interested helping you sell your house quickly.
2. Virtual Open House
Hosting a virtual open house is another great way to show your property’s best-selling point. You can create a Facebook or Instagram page for the home and an open house event. Then add as many people as you can to the event. On the day of the virtual event, upload the tour and give a digital walk-through to the attendees. Walk them through as if you were touring with a buyer, explaining each aspect of the home. A good sales tool you can use is virtual staging or utilizing computer-generated images of coffee tables and couches to dress up the room.
3. Drive-By Home Appraisals
A home appraisal is a key element of any real estate transaction, whether it’s selling a home, purchasing a home using mortgage or refinancing an existing mortgage. Normally, a qualified appraiser will tour the home to visually inspect it to determine the property’s appraisal value. Now lenders are allowing alternatives so appraisers don’t have to check the property in person. Appraisers are using market research, recent sales of similar properties, current market trends and other data to determine the home’s value.
4. Unaccompanied Inspections
In areas where home inspectors are allowed to work, many are inspecting homes by themselves and sharing reports, photos, and videos with clients. Other locations are allowing inspectors to inspect properties but only with minimal contact.
If you’re a home seller, stay secluded in a part of the home away from the inspector during the inspection process. Also, ask them to wear masks, gloves, and boots, and make sure to wipe down everything with disinfectant when the inspectors leave.
5. Coronavirus Clauses
Real estate agreements often outline penalties for cancelling a deal or failing to meet deadlines. Now agreements for home purchases include clauses to protect sellers and buyers in case of a delay or cancellation due to coronavirus-related issues. The clauses may include government closures, the inability of a buyer to travel to sign documents, and unavailability of appraisers or inspectors.
6. Remote Closings
Electronic deed filings and online notary for closing have become an option for buyers and sellers in some areas. Closings are now quieter as documents can be signed electronically and only essential people can attend the closings.
Selling property during the COVID crisis is an adjustment to everyone. Agents, buyers, and sellers, therefore, need to work together to make the buying process run as smoothly as possible.