Preparing to Sell After the Health Crisis: 4 Steps to Get Ready
Here’s what you can do now to get your home prepped for sale.
While it’s still possible to sell a home, it may not be right for your situation. If you decide to wait, there are still steps you can take now so you’re ready to sell when the time feels right.
1. Review your timeline
How much flexibility do you have? Can you wait out the coronavirus, or if health risks and public health orders extend into the summer months or beyond, will you need to make adjustments to your timeline? Be realistic, and think about a plan B or C.
2. Make or plan for renovations or repairs
If there are improvements you can make yourself — interior painting, basic landscaping or other touch-ups — take this time to start tackling them. If you need specialists to come into your home to do more extensive work, that may have to wait. But you can seek out referrals and contact contractors or handypeople for verbal estimates.
3. Interview agents
Once you’ve identified some prospects, these questions for real estate agents can be a helpful guide. If you find an agent you like, they may want to set up a virtual listing presentation via Skype or FaceTime.
4. Stay aware of the market
Zillow economists predict that home prices will most likely decrease between 2-3% through the end of the year from pre-COVID levels and slowly recover by late 2021.
The predictions include two other possible scenarios: Prices decline as much as 4% and take longer to recover, or as little as 1% and recover more quickly. For example, a home priced at $250,000 in February 2020 could be priced between $2,500 and $10,000 lower, at least through the end of the year, according to the forecast.
Which scenario plays out depends on many things, including how quickly the market reopens and whether interested buyers can still afford to purchase a home.
We can’t know for sure how the current economic uncertainty will affect home sales and values in the coming months or years — but people will continue to buy and sell homes. Look at comparable home sales in your area to get a sense of how your local market is faring.
For more information or help in selling or buying your next home, contact:
Lora Luna | Lora Luna Real Estate
909-709-1316 | firstname.lastname@example.org
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