Are you looking to sell your house during the pandemic? With massive job losses and crushing markets, consumer confidence has hit an all-time low due to the impact of coronavirus. Homeowners (especially those struggling financially) who have been looking forward to the bustling real estate market at this time of the year are wondering what to do.
Selling your house during a pandemic can be difficult. With few buyers in the market and not-so-ideal conditions, one can easily lose money or not sell at all. Experts recommend waiting until things return to normal. But if you have a pressing need, you can close a deal and still be happy with the outcome in the end.
So if you're in such a situation and planning to put your house on the market soon, here are a few things to think about when you try to sell your house during the pandemic.
What To Consider When You Sell Your House During The Pandemic
Are You Selling To Buy Another House?
Although selling a house right now might not be favorable for most sellers, buying a property can be a good prospect. If you plan to buy a new home after selling your current house, you can bargain for your next property to sweeten a not-so-good deal.
The Cost Of Selling A House
Most home sellers, particularly first-timers underestimate the costs involved. If you're in a difficult financial situation, it can be tempting to accept an offer with a lower profit margin. But that can be costly in the long run.
Therefore, it is wise to have an idea of how much money you will make after deducting the costs involved. This will also help you determine a fair listing price.
Some of the common fees include closings costs, home inspection repairs, agent commission, balance on your mortgage loan, and seller concessions. If you don't know how to go about it, talk to a real estate agent or a friend who has gone through the process.
Now that you know what to consider when you sell your house during the pandemic, let's look at what you can do to navigate the market downturn.
How To Navigate Market Downturn
As mentioned before, the environmental and economic conditions don't favor most home sellers at the moment.
Although it may feel like an overwhelming task when you're on a shoestring budget, there are numerous things to do to make the most of your finances and time to help sell your house fast at a suitable price. And here are some of them.
Do Repairs But Avoid Expensive Projects
It pays to go through your house to find some affordable things to do to improve your house's cosmetic facelift. While at it, avoid expensive projects such as putting in new windows because you will not get a return on the investment.
Seasoned real estate agents recommend doing simple projects such as deep cleaning, repainting commonly used areas, and de-cluttering the house.
Improve Curb Appeal
Studies show that curb appeal matters to buyers. So as you prepare to put your house for sale, remember first-impression matter.
In a time of social distancing, a dirty door can turn away a potential buyer. But don't spend thousands of dollars on lavish landscaping because you may not recover that amount.
Boosting your house's curb appeal requires simple strategies, such as removing cobwebs, clearing weeds from your walkway or driveways, getting rid of disused lawn furniture, and more.
Amp Your Marketing
Once you've decided to sell your house, it is wise to manage your expectations by setting a realistic price. After that, amplify your marketing.
With limited movement right now, make technology your friend. Take great photos, offer 3-D tours, do videos showcasing the interior, and even have drone photos. These tips will help you get lots of traction.
Get Help to Sell Your House During The Pandemic
If the entire process of selling your house during these uncertain times overwhelms, ask for assistance. Work with an agent or request friends and family to help.
If you are trying to sell your house during the pandemic, it may be stressful. But with the right mindset and planning, you can get a good offer. We hope these tips will help you sell it fast and get your financial life in order.