By: Keeping Current Matters
As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season. Mark Fleming, Chief Economist at First American notes:
“As more homeowners are reluctant to list their homes for sale amid the pandemic, the supply of homes available to potential home buyers continues to dwindle.”
With many states beginning a phased approach to reopening, virtual best practices and health and safety guidelines for the industry are in place to increase the comfort level of buyers and sellers. What we see today, though, is that sellers are still making a very calculated return to the market. In their latest Weekly Housing Trends Report, realtor.com indicates:
“New listings: On the slow path to recovery. Nationwide the size of declines held mostly steady this week, dropping 23 percent over last year, a slight increase over last week but still an improvement over the 30 percent declines in the first half of May.”
Although we’re starting to inch our way toward more homes for sale throughout the country, the number of homes on the market is still well below the demand from buyers. In the same report, Javier Vivas, Director of Economic Research for realtor.com shares:
“Sellers have yet to come back in full force, limiting the availability of homes for sale. Total active listings are declining from a year ago at a faster rate than observed in previous weeks, and this trend could worsen as buyers regain confidence and come back to the market before sellers.”
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) seems to agree:
“In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures.”
What we can see today is that homebuyers are more confident than the sellers, and they’re ready to make up for lost time from the traditional spring market. Summer is gearing up to be the 2020 buying season, so including your house in the mix may be your best opportunity to sell yet. Interest in your house may be higher than you think with so few sellers on the market today. As Vivas says:
“More properties will have to enter the market in June to bring the number of options for buyers back to normal levels for this time of the year, nationwide and in all large markets.”
If you’re ready to sell your house this summer, let’s connect today. Buyers are interested and they may be looking for a house just like yours.
Procedures for Real Estate, How Covid-19 has Changed the Experience of Selling Real Estate
By Erin Wright and Christina Waterhouse
What challenges do sellers face when putting their house on the market? How can sellers help create a safer environment for showings? This week we continue to focus on the challenges that are currently being faced by buyers and sellers transacting real estate and how our local market has responded to those challenges to make the process safer and easier.
The Seller Process During Covid-19
Selling a house is always a stressful time, add a worldwide pandemic and it can seem overwhelming. However, speaking with an agent can help increase preparedness and reduce stress.
Before Going on the Market
The first step is always getting the house ready for the market. Although it is fun to watch a house makeover in real time, it is best to avoid being home during this part of the process. Allow the landscapers, stagers, and photographers to focus on making the house look its best instead of maintaining social distance standards. Also, if the agent does not offer it, have the house thoroughly cleaned and disinfected by a professional right before going on the market.
Virtual and Paperless Marketing
The house is ready for the market. Work with the agent to give as many details about the house as possible to put into the MLS. This is a great time to have room measurements and amenities added. Virtual tours and floor plans allow perspective buyers to get a good idea of the house before a showing. Have a sturdy, permanent flyer attached to the sign post in lieu of paper flyers. I love a good flyer and being able to take one, but now is not the time to have lots of hands on pieces of paper being passed out to the public. If brochures are used inside of the house for showings, only put out one at a time prior to the showing.
Being Prepared for a Showing
Limit showings to pre-approved buyers only. This will minimize the number of people in the home. The buyers who do see the home will be the serious ones. Try to not be home for the first five days on the market. This allows buyers easier access and makes it easier to clean when you return. Have all lights on and doors open for a showing. This minimizes how many surfaces are touched inside of the home. Be prepared for showings to take longer since not everyone in a group can see the house at the same time. The agent should be providing ample shoe covers to be used inside. Place them by the front door. The best practice right now is to have buyers use the shoe covers and take them after the showing. Single use shoe covers minimize touching. Consider placing hand sanitizer with a pump at the front door for people to disinfect upon entering and leaving the home.
Sanitize When Returning Home
Thoroughly sanitize common surfaces when returning home. Places to consider are cabinets, countertops, door handles, handrails, and light switches.
When first listing a home, this can be overwhelming. Consider making a checklist so the house is prepared for every showing and sanitized after. For more information on how to stay safe and what to expect as a seller in this market, please feel free to comment on this blog post or reach out to us directly.
As always, we welcome any questions you may have and are happy to offer advice.
Wishing Everyone a Happy and Safe Halloween!
Dear Friends and Family,
Happy Halloween! For those of you who don't know, Halloween is my favorite holiday of the year! Please enjoy a night of fun. For those going Trick-or-Treating, remember to bring that umbrella or raincoat, as rain is always bound to happen on Halloween in the Northwest. For those still working on last minute costumes, click the link below for ideas from Pinterest.
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