Should you sell your home during the COVID-19 Pandemic?
The global pandemic has not stopped people from buying homes, including in San Diego, CA. It has, however, reduced the number of properties available.
What does that mean for sellers thinking about selling their home?
You will likely have many interested buyers and the potential of multiple offers from qualified buyers.
The cost of a San Diego house hasn’t changed, with the median price – including resale single-family homes, condos, and newly-built homes – still around $590,000. San Diego remains one of the top cities in America where people want to live. And one thing is certain – the weather has not changed in San Diego and still remains one of the main attractive features of this city.
Interests rates are historically low
Another factor driving buyers to continue purchasing homes despite the global pandemic is the low interest rates. Low interest rates give buyers higher “purchasing power” which means they can afford a higher mortgage and become qualified more easily. Due to the low interest rates and low level of inventory, there are buyers waiting in line to buy homes. Thus, the demand far exceeds the supply.
If you have been planning on selling your home, COVID-19 should not stop you from continuing with that plan. With careful planning and preparation, you can set yourself up for success by receiving multiple offers even during the first week the home is live on the market.
How do you prepare your home for sale?
There are ways to prepare your home for sale to ensure receiving a high purchase offer. For example, decluttering your home is imperative. People want to walk into an “HGTV” looking home and see the floor layout of the property. It is important to remove all personal information from the home to “de-personalize” it, so buyers can see themselves living there.
Other helpful tips to maximize strong offers:
- A fresh coat of paint goes a long way – preferably a neutral color to make space look larger.
- Curb appeal is important. Get rid of shrubs and groom the front and back yards. The first impression is very important, and the first thing buyers see when they drive up to your home is your front yard.
- Consult with a staging company to maximize the layout of your house and to make it look updated.
- Consult with your realtor about other rooms/areas in the house that require minor updating. Perhaps there is an “awkward” space between the living room and dining room that can be used for an office. Your professional can give you advice on how to stage this area, so buyers don’t think of it as an “awkward” space.
How to show your home to buyers during COVID-19
Open houses are not allowed during this time, thus it is important to allow showing schedules so buyers can still access the home.
Potential buyers must sign a form stating that they are not ill nor exhibit any symptoms of COVID-19, and will practice precautions when entering the property. Buyers shall wear facemasks, gloves and booties when entering the home. Buyers shall always be accompanied by their agent, with showings limited to a maximum of 3 people per hour. We always advise buyers to not touch any personal items in the house.
Sellers shall disinfect the home after each showing by wiping down the door handles and spraying Lysol throughout the house.
If you are thinking about selling your home, now is a good time. However, selling a home takes careful preparation and thought.
Consulting with experienced real estate professionals can help you maximize the price of your home.
We know what buyers are looking for in a house. We know how to take beautiful photos and videos to highlight the home’s features. And we know how to negotiate the best price and navigate through the complicated process of escrow.
Savanna Kuhami is a Real Estate Broker in Vesta’s San Diego Cultural Hub. Savanna works with clients dealing with divorce and specializing in the area of trust account and investment opportunities. In addition to her work with Vesta, she is the managing partner at Zeal Property Group, a boutique brokerage. Savanna has a special interest in working with clients who are divorced or in the process of divorce. Beyond her professional experience, Savanna is a mother of 2 small children who has gone through divorce. She has a deep appreciation of the complexities involved in divorce, and is passionate about utilizing her personal experience, professional skills, and compassion to effectively coach her clients through the process and beyond. You can find Savanna online at zealpropertygroup.net.