Real Estate in Times of Crisis

Real Estate in Times of Crisis

How to Go from Safe to Sold

The real estate market is frightening to navigate as we sit in the middle of a global pandemic. But that does not mean that life doesn’t go on, and when it’s time for you to move on, you’ll still have to put your house on the market. Fortunately, there are many ways to play it safe. If you are looking for information on how to sell real estate during the current crisis, keep reading.

Do your research

As with any important financial endeavor, it’s important to do your research first. This should entail everything from looking at other houses on line to determining the average sales price in your area. You can use websites to scour the local housing market to check out the competition, average days on market (in Tampa, homes generally sold within 23 days of being listed), and to see a few recently sold listings. Knowing this information will go a long way toward helping you set your list price.

Prepare for pictures

One thing that has taken hold of the spotlight in the real estate market recently is just how important photos and videos are when it comes time to sell. Buyers today increasingly want to look online, and often multiple times using different types of media, before making a decision to physically visit a property. Because of this, your agent will almost certainly recommend professional real estate photos and virtual staging. Get your home in top shape by minimizing clutter and maximizing natural light, which, Reader’s Digest asserts may be achieved by using mirrors and a lighter color palette along with windows and skylights.

Better yet, bring in a professional home stager from K. Jillian Designs to get your home looking its absolute best. They even offer virtual consultations which are an ideal option during the pandemic.

Handle needed repairs/upgrades

One positive aspect of the coronavirus pandemic is that many of us now have more time than ever to handle all of those projects we’ve put off. Use your time wisely, and do things to improve the value of your home. You might give your kitchen cabinets a makeover or convert a spare bedroom into a home office. These renovations are relatively inexpensive and are just a few of the “safe” DIY projects recommended by Tool Review Lab.

Clean continuously

You already know that your home has to be clean and tidy for photos. Even if you do not have an influx of visitors, it’s important to keep your house clean during this time as well. Consider renting a storage unit to hold all of your excess belongings, and make daily chores a priority. When you have kids and pets or if you work at home, following a cleaning routine might be a challenge. A few things you can do to ease the pressure are to assign jobs to each member of your home, clean as you go, and make a rule that everything gets put away once it’s not in use.

Be patient

We have not seen the end of the coronavirus crisis just yet. Because of this, it’s almost impossible to say how, exactly, the pandemic will affect the real estate market going forward. One thing is for certain, however, and that is that many people are afraid to buy. Some reports predict a 15 percent decline in home sales in the coming year, and there are fewer buyers with cash in hand because of widespread job loss. Be patient, and know that your home will sell. Unless absolutely necessary, avoid the temptation to significantly reduce the price. Remember, you have worked hard for your equity, and now it is time to work for you.

However you proceed, remember that knowledge is your greatest ally. Do your research, and look for ways to ensure that your home stands out. Although there are fewer buyers, the ones who are searching are the ones ready to put their money down. Make sure that you are ready when your buyers are so you can get through the sale with your safety (and investment) intact.