Should I Sell Now or Wait for COVID-19 to Pass?
A common Real Estate question I am getting asked is should I sell my home now or wait until the covid 19 goes away? I will give with you my opinion right after this.
My name is Karen Jackson I'm a residential real estate agent with John L Scott in Renton Washington and the surrounding areas. I have worked withbbuyers and sellers since 2004. so I've seen that up markets and the down markets and I keep waiting for a normal market but I'm not sure that's ever going to happen! If you have not yet subscribed to my channel please go hit the subscribe button and the little bell for notifications, you will then be notified of any of my upcoming videos. I put videos out on Wednesdays and you will learn lots of great real estate tips.
So should I sell now or wait for this Covid 19 pandemic to go away? Usually my sellers want to sell when the market is fast and the price is high. If that is you then now is the time to sell! Despite everything that is happening, real estate activity is still very high. We have very high buyer demand, we have very low inventory, and we have very low interest rates right now. They are right around the 3% mark!
Just this last week in King County we had 507 new active listings and 963 homes went pending and many of them with multiple offers! 400 of those homes went pending in just under a week and the majority of them sold in under 20 days that is really fast!
Unfortunately I don't have a crystal ball. I wish I did sometimes. We don't know what the future will bring especially since there are so many job layoffs and people doing forbearance. There are some real estate gurus that don't think real estate is going to be affected much at all and then there's others that think because of the forbearance we're going to see more bank owned properties. As we start to see a lot more foreclosures in the near future, that can stabilize prices or even cause price decreases depending on how much inventory we have. We have a lot of protocols in place to help keep people safe while listing their home or buying. I'm going to go over those with you so that you can understand everything that is happening.
First off I will require you to sanitize your home prior to going on the market. We want to assure all the buyers that are just safe to come to your home. Prior to any buyers coming to your home, I will require a questionnaire to be filled out by their buyer's agent and the buye,r showing their exposure or lack of exposure to covid 19 and to assure they do not have a temperature. We also want to make sure that all the buyers coming to view are pre-approved with a lender currently. We don't just want anybody coming to look at your house. We want to make sure that they are able to purchase it now if they like it. Everything is by appointment only right now we cannot have public open houses but we can do live virtual open houses and we can do virtual tours so that the buyer can see the floor plan of your house as well.
Next I will post the sign at the door with all of your requests. There will be a bottle of hand sanitizer requesting them to use the hand sanitizer prior to entering and when they leave.There will also be individual packaged booties for them to take off their shoes and wear booties around your house and then they can take those booties with them in the sealed bag that is provided. When you get home I would suggest that you sanitize everything again. Even though we made requests it doesn't mean everybody follows them.
When you have a showing an appointment scheduled you will want to leave all the lights on in the house and prop all the doors to all the rooms open You will also want to prop open the closet doors but not the cupboards that would be a little bit too much.This helps decrease the number of germs spread and helps to alleviate unnecessary touching. Someone may still switch off the light or shut the doors because us agents have been programmed all these years to make sure we shut off the lights and lock the doors before leaving. It is hard to change habits.
It is super important to price your home right at this time. You can watch my video on pricing strategies. It is always important to price your home right but especially during these times you want a quick sale for the highest price possible. If you have your home price at market value and you have an offer review date, it creates a competitiveness and an urgency for buyers to get their offer in as soon as possible. The faster we can get an offer for you during this time the less germs can be spread in your home. Hopefully you will have the majority of the buyers coming during the same days and reduce the amount of time you have to spend sanitizing.
You might consider taking a mini vacation or maybe going and staying in a hotel for a couple of days when the home first comes on the market or even moving into your new residence and having your home vacant prior to listing your home. I know this is not possible for everyone but if it is a possibility for you, it can help alleviate the concern of whether or not somebody coughed or sneezed or touch something and you didn't have time to sanitize. Sellers this is a great time to sell and buyer's interest rates are so low right now!
I want to make sure we are meeting your family's needs and goals while getting the highest price possible and getting your home sold quickly . If you have any questions regarding this please feel free to comment below or send me a private message or give me a call I would be happy to help you through these times . If you need help buying or selling a home please fill out the form below and thank you so much for watching! I will see you next time!