RENT OWN SELL
Newyork
RENT OWN SELL
Newyork
Spring remained the impetus for the real estate business over the years. It used to bring colors to the land and boom to the business. 2020 is different and it did not bring prosperity. COVID-19 has overshadowed all other colors of life.
We all had the resolutions and plans before us at the start of the New Year. But the virus made us press the pause button in our life. We had to shelve our plans and postpone our resolutions. Worst even, we had to cope up with the pandemic and stay isolated. No matter how bitter, the truth is we have to live up to these new adjustments for a while.
If you had the plan to sell a home earlier or the financial crisis made you take this decision, either way, you have to know the likelihood of selling a home. To be fair, things are not that smooth so you might have to put an extra effort into it.
First thing first, get an insight into how the coronavirus has impacted the selling business in New York.
There are two major changes that you need to know about the impact of COVID-19 on real estate.
To be honest, we are confronting unexpected circumstances. Nobody was prepared for this. We were good with the normal routine calculations but adjusting extreme conditions in our normal equations has made us take unpopular decisions. If the new financial crisis is pushing you to strike the deal then you shouldn’t let the coronavirus stop you.
Cybersecurity and Infrastructure Security Agency under the U.S. Department of Homeland Security has announced that selling real estate as an essential service will remain open. However, consult with your real estate agent and follow the instructions of the local government for what’s allowed in your area, and bear in mind that things could change as this pandemic progresses.
In some areas, in-person home showings are happening with due safety measures prescribed by the health ministry such as washing the hands, use of hand sanitizer, and keeping a social distance.
As in replacement of in-person visits, you may offer virtual or 3D tours for your home to make a buyer more satisfied. Virtual tours through zoom, skype, FaceTime, or 3d views have made it possible to have a good glimpse of the home.
The best point that goes in your favor is that there are fewer sellers in the market which means you are in a better position to sell a property to a potential buyer.
E-closing is one great platform in this testing time when movement is strictly restricted. It means you do not have to sit around a table to close your deal but with the help of the internet around a laptop in your home. You may sign your documents or may have a video chat and also can do transactions online.
In short, selling a home in the days of a pandemic is quite possible as well as practical and with a bit of extra effort, you may court up a buyer as well.
The one thing we are certain about is the current uncertainty in the market. Experts are still busy predicting the future but not sure about how long would it take the world to come to normal.
Therefore, buyers are still trying to comprehend the changes in the market and expecting a big decline in prices. This waits and sees policy is hurting the sellers the most.
Banks and mortgages have also made more strict laws and scrutiny is being held tightly as more people are losing their jobs. This has also led to a fall in the number of buyers.
If you are fortunate enough to find a buyer then keep in mind that the final closing may take longer than normal. Specifically, buyers are requesting more contingencies on their offers during the pandemic.
To be honest, if you are not pressed hard by the hourly need then waiting for a peaceful time is not a bad idea. However, if the situation demands you to sell the home then the good news is that it is quite possible. Technology has extended a helping hand and made seeing property online possible. E-closing is another tool to empower you with the closing of the deal. So, you do not have to worry a lot when you out a selling board outside your home.
