by: Tara Mastroeni
Coronavirus has made this an uncertain time for many industries and real estate is no exception. In light of that I reached out to real estate agents and asked them to share the one thing that they wish they could tell their sellers in the face of this unprecedented market.
Here’s what they had to say:
Homes are still selling, the industry is just operating differently
“Every state has its own regulations, but in most cases, the homes can still be sold. Video tours are being done to showcase new listings. In some cases, buyers can be shown unocupied properties in-person or FaceTime and Zoom can be used to show an interested buyer the property virtually in real time.
If you’re still interested in selling your home, they are likely options that are available to help you do so.
Ruthie Smythe, Broker of Lois Lane Properties in Charleston, SC
If you’re going to sell now, be flexible and be ready to negotiate
“While spring is the traditional selling time when housing inventory is high and buyers are plentiful, the current market is atypical in so many ways. In the face of market uncertainty, buyers are looking for a ‘bargain’ or discounted price.
What does this mean for sellers? The leverage has shifted to the buyers! Sellers need to be flexible about the price, they need to be patient because the buying process may take longer, and they need to be ready to negotiate with any interested parties.
Suzanne Minken, a Sales Associate with the Maggee Miggins Group with Keller Williams Realty in Short Hills, NJ
It’s also okay to wait to sell
It’s not that we can’t sell your home right now, but you may receive a higher, better price if you wait a little.
Waiting to sell your house can be the difference in working with buyers who are afraid to over spend rather than a buyer who is back to work and feeling a lot more comfortable to make large financial purchases.
Chantay Bridges, Senior Real Estate Specialist with Los Angeles Real Estate Now Los Angeles, California
You can use this time to get your home ready for sale
“Repair what you can. De-clutter and get rid of anything you are not taking with you. Refresh your home by painting, changing old doorknobs, buying new couch pillows. Get busy making that kitchen look amazing because it’s the heart of your home.
Whatever you do, you will always be adding value and putting yourself in a better position for your home to stand out above the rest when the pandemic is over. Use this time wisely to do what you can to get your home ready to hit the market.
GiGi Malek, a Sales Associate with Terrace Sothebys’s International Realty in Forest Hills, NY
Don’t panic, this is only temporary
People always have to move for jobs, schools, growing families, downsizing. The lull in activity is temporary and the market will return.
In this market, I predict that any one-on-one appointments will prove to be more productive. They will bring in serious home buyers who are taking time out of their day to see a property rather than a casual looker strolling into a Sunday open house.
As showings resume, it’s important that you work with your real estate agent to be vigilant about taking the proper precautions when we begin showing homes again – ie. Making sure we have gloves and Purell for anyone who comes in.
Tania Isacoff Friedland, Broker of Warburg Realty in New York, NY