Is COVID-19 going to cause another housing crash like we saw in 2009? No. Housing, like any other market, is driven by the law of supply and demand. Simply put, how many homes are
Buyers And Sellers In A Post Covid19 World
Topic: Here's How Home Buyers and Sellers Can Stay Proactive & Position Themselves for a Post COVID-19 World
Coronavirus may have cast doubt on the spring selling season in some parts of the country, but real estate professionals from all aspects of the industry are working hard to find ways to work around the challenges that coronavirus presents. And in many other parts of the country, real estate carried on, business as usual. For example, in South Carolina, real estate was deemed essential, and plenty of home sales are still happening.
HomeLight, a service that matches homebuyers and sellers with top local agents, conducted two surveys, one in mid-February and the other in March, that show coronavirus’ affects on the spring housing market from the perspective of top agents all over the country. Below are some of the insights from those surveys as well as tips on how to be proactive when buying or selling real estate this summer.
What you can do
The first move you should make, whether buying or selling in this unprecedented time, is find a trusted real estate agent who’s ready and willing to work through obstacles with you. Pairing up with an agent now, and letting him or her know what your goals are and what you’re looking for is the best way to move forward. If you don’t have an agent, HomeLight uses a complex algorithm to match buyers and sellers with top performing agents in your area.
As a buyer, the biggest bump you’ll have to get over is likely financing. Sellers are just as uncertain as you are, and they’re selling what’s likely their largest financial asset, so being able to show proof of purchasing ability from the onset is a savvy move.
Get yourself organized, and apply to get pre-approved for a loan. There are 11 documents that you’ll need to buy a home, and a pre-approval letter is one of them, so it’s an excellent place to start. If your credit score isn’t ideal, you might need to do a little work to get it in shape. Now is the perfect time, as we’re not going out and spending on recreational activities or gas as much. And if you are a go on your credit, now is an excellent time to scrape together a little extra for your down payment. A higher down payment might just go further than a higher purchase price offer, in that it’s security for the sellers.
And once you’ve gotten your ducks in a row, keep your eyes on the local market. Download the apps, search for homes, and have your agent set you up with a multiple listing search if possible. You’ll be able to keep tabs on what’s coming on the market and what homes are selling for.
Plus, the more you look at homes, the easier it’ll be to go from a wish list to a must-have and nice-to-have list. Whittling away the nice-to-haves will help you keep a realistic idea of what the market has to offer and what you can afford. Keep your options open. You might just get an amazing deal when “the one” hits the market; you’ll certainly be prepared to make an offer.
If you were planning to put your home on the market, don’t fret, we’ve got a few selling tips during coronavirus. With buyers pressing pause, there’s more time to ensure that your home is picture perfect when the time is right.
Start by decluttering. For buyers, it’s all about being able to envision themselves living in the space. Removing personal items is the first step. Also, now is the perfect time to pare down the stuff you don’t want to move. Donate it, recycle it, or trash it.
The next step would be to do any maintenance, repairs or upgrades that need to be done. Agents say that things like spraying the front door black, planting colorful flowers, updating light fixtures, recaulking, replacing cabinet hardware and swapping out switch plates are small projects that can have a big impact on your resale value when it comes time to sell.
Now might not be the best time to buy or sell real estate, but it doesn’t mean you’re powerless over your situation. Sure, there is a lot of uncertainty, but there are also some sure-fire tips for getting deals done when the time is right.
National Association of Realtors Honor Society Member as of 2007 • Accredited Buyer's Representative • Certified Residential Specialist • Certified Realtor for Short-sale and Foreclosure Resourc....
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