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With so much uncertainty surrounding us this year, many people are a bit more hesitant than usual about selling their homes. And, for good reason. With companies being forced to shut down as a result of the pandemic, many people faced unprecedented financial setbacks that made selling their home less enticing. However, now is actually a good time to sell because demand for property is actually still high though inventory is low because of people’s hesitation to sell their homes, meaning you have a better chance of selling quickly and for your desired price. It is possible to sell your home without the help of a realtor, but we suggest talking with some of these Charleston realty companies as they can help guide you through the process—especially in these unprecedented times.
How to Sell Your Home During COVID
Don’t Settle for a Low Offer Right Away
Because the idea of selling right now makes some people nervous, they’re more likely to want to jump on an offer immediately, even if it’s well out of their desired range. Don’t fall under this category. There are fewer people selling right now, but still a high number of people looking to buy, so you have the advantage as the seller. If you receive a low offer, don’t feel as though you need to pull the trigger just to get your home off the market. You have the bargaining power. Counterback with an offer closer to what you actually want. If the potential buyer isn’t willing to raise their offer, don’t rush into a deal. There are plenty of buyers on the market, and another offer will come around soon. Talk with your real estate agent to get his or her input on the individual situation.
Take Advantage of Virtual Home Tours
One of the greatest challenges to buying and selling a home during the COVID-19 pandemic is the fact that many people are trying to avoid interacting with others to prevent the spread. This makes it difficult for buyers to visit as many houses as they may have in ordinary times, which is why offering a virtual tour feature online is advantageous. Many buyers right now are using these 3D tours as a preliminary search, narrowing down which houses they might be interested in visiting in person. Including some type of virtual tour option on your listing will boost interest and help you attract buyers.
Focus on Highlighting Features in Description
Because fewer people are going to open houses (in fact, many places have restrictions on open houses right now), it’s important as a seller to make use of the online tools you have at your disposal. Virtual tours are one advantageous way to attract new buyers, but your property description is also extremely important. You want to make sure your description is well-written and thoroughly highlights all of the most desirable features—perhaps a built-in pool, a community golf course, a screened-in porch. Make a list of your home’s features and find a way to work them into the description. Hire a professional to stage and photograph your home as well, so people can get the best possible first impression of your property.
Inventory Is Down, But Demand Is High
This is possibly the greatest advantage to being a seller during the pandemic. Because people are more nervous about selling their homes right now, there are fewer options for buyers. Although the number of houses for sale has decreased, the buyer market has remained relatively steady. The same amount of buyers looking at fewer houses naturally drives the price of property up, which means you, as the seller, have a better chance of getting your listing price than you might under different circumstances. Keep this in mind when you put your house on the market because if you receive a low-ball offer right off the bat, it’s probably best to hold out for someone else—if the original buyer isn’t willing to negotiate. Just remember, you have the negotiating power in this situation. Working with a Charleston realty company will help you determine which offers are best for you and when you should accept or hold out for something better.
One of the greatest pandemic-related changes in the real estate industry, “Coronavirus Clauses” are new addendums being added to many real estate agreements providing extra security for the buyer with new terms, such as permit extensions or contract terminations without reason. While these clauses are designed to protect the buyer in uncertain times, they are disadvantageous to the seller. Be aware of these new clauses and be sure to review any agreements with your real estate agent very thoroughly before agreeing.
Factor in Potential Delays
Although you should aim to close on a deal in standard time, know delays are very possible. The pandemic has impacted nearly every industry, and the lending industry is no different. Many lenders are placing mortgage overlays on those seeking loans, which implements additional requirements buyers must meet in order to be approved for a loan. Keep this in mind when selling, and inquire about who a potential seller is lending from to get a better sense of whether or not the loan will be approved or run into delays.
Sell Your Home the Smart Way
You may feel unsure about putting your home on the market during a pandemic, but if you follow the advice outlined here, you’ll be able to sell your home quickly and within your desired price range. Although it seems like an odd time to buy, there are a lot of people searching for Dunes West homes for sale as well as other property in desirable areas throughout the country. The inventory is significantly lower than usual, which is driving up the price of property. For sellers, this might actually be one of the best times to place your listing. Inquire with an experienced realtor in your area to learn more about the market and how to best proceed with selling your home this year.
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