Past Post Appreciation: How homes were sold during the pandemic.
Originally posted in 2020
Flourishing In A Time Of Chaos For The Real Estate Market.
Just because we’re in the midst of a pandemic doesn’t mean you won’t have success selling your real estate property. It just means you’re going to have to get a bit more creative about it, and seriously commit yourself to the process.
Any time you sell a property will require a similar effort, but in the time of coronavirus, you’ve really got to be conscientious about it. We’ll explore several key considerations presently defining the USA market pertaining to coronavirus, and how it has affected real estate on a national level. We’ll also give tips on selling your own house during a pandemic.
Social Distancing Between Realtors, Sellers, And Buyers.
Showings are now organized between sellers, buyers, and Realtors. Only one set of guests are allowed at a time in a property. Prior to COVID-19, Realtors scheduled open houses on the MLS. Prospective home buyers and agents arrived and shake hands believe it or not. Those days are long gone.
Realtors have to follow strict federal and state guidelines now. If you’re home shopping in Los Angeles California you’ll have to sign a COVID-19 disclosure form prior to previewing the house for sale. If sellers are living in the home they’ll need to be made aware when buyers are coming by, and agree to it. This can be difficult for all parties involved. All guests are required to wear masks. Hand-sanitizer and latex gloves are encouraged.
Reduced Competition For Sellers.
Because of the crisis, not as many people are selling, but there are still plenty of Los Angeles home buyers searching for that special spot that checks most of their boxes. What does it all mean? The bright and shiny homes are grabbing multiple offers which means the sales price is ramping up.
You’ll have to understand your specific market intrinsically. Don’t always take the advice of a Realtor or Broker, but chances are 9 times of 10 they know more about the market than you. Some homeowners think working with a full-service real estate brokerage is a waste of money. The truth is the exact opposite. You hire a professional real estate brokerage to earn you more money with fewer headaches or frustration.
Better Terms For Buyers.
Inventory is lower and fear is high, but homes are still selling.
A 5% or 10% discount is typical since the COVID-19 pandemic arrived. If you’re a buyer looking for a fire sale you’ll be disappointed. Blood isn’t in the streets, yet. Well maintained homes in good school districts are still flying off the shelves. There are plenty of opportunities for a home buyer to grab a spot for a discount. You’ll just have to get creative.
Selling your house during the COVID-19 pandemic
Look for a home that’s been on the market for a few months. A house that’s fallen out of escrow, maybe it isn’t easy to understand, the bedroom and bathroom count is odd, or the roof is leaking. These are the homes you’ll be able to grab on a discount.
You’ll be smart to consult with a local real estate agent who isn’t a stranger to fixer houses. That’s where you’ll get the bang for your buck!
Professional Consultation.
Consultation through the right agency can help you determine what you’ll be able to get away with on your own. Now it is worthwhile to work with a realtor, but you shouldn’t solely depend on realty agencies to move your home. Their values and yours may not necessarily be aligned or you may not see the value in paying a full-service brokerage. It can be valuable to go online and get advice from agencies like ISoldMyHouse.com.
The “goalposts” are always moving as regards real estate markets presently, and in some areas, there aren’t any losses owing to the present crisis. A great example is Colorado, where the market is still pretty strong owing to other factors. The west coast has seen a lot of homeowners selling their property and moving east, many come to Colorado.
However, not everyone has the advantage of living among the high-value properties which are distributed up and down the front range. So consider your specific situation as you go about determining your best approach in selling your home.
Maximizing Profit Potential.
The pandemic which is attributed to COVID-19 has had some very real impact on the worldwide economy. But it looks as if we’re getting back to normal quickly. The stock market is up and unemployment is down. This will affect real estate, and how much money you can get for the property you own.
If you’re selling your house during a pandemic as either a FSBO or with a full-service real estate brokerage it’s important to have a clear line of communication with everyone involved. Most individuals who opt to be a For Sale By Owner are shooting themselves in the foot. They think selling a house is easy. Those ideas couldn’t be further from the truth.
Over 89% of successful homes listed and sold involved a Listing Realtor. While more than 20% of For Sale By Owners were unsuccessful in getting the selling price right. Agents and buyers prefer not to deal with homeowners directly. Almost 100% of the time sellers don’t know how to go about selling a home, which makes double work for the agent representing the buyer. The agent ends up working for the seller for free while assuming liability.
Most homeowners don’t know how to perform the following tasks which may expose them to legal consequences such as litigation, arbitration, or mediation.
- Filling out the SPQ & TDS
- Seller inspections reports & complete disclosure list
- HOA documents including CC&Rs ** applicable in a planned community
- Prorated/adjustments county property taxes
- Transfer Tax – city and county
- NHD report
- Appraisal
- Working with the buyer’s loan underwriting
- Recording the grant deed
Selling your house during a pandemic
This blog post is maintained by Todd Pivetti, one of Los Angeles’ top Real Estate Agents with The Shelhamer Real Estate Group. Todd is a longtime resident of North East LA, (Los Feliz), and he’s unabashedly obsessed with all things East Side. When he’s not writing blog posts or selling homes he’s volunteering at the LGBT Center or looking for the best new thrift stores.
If you have questions about this blog, or have any Real Estate needs – don’t be shy, say Hi!
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