Living through this time seems to offer more questions than answers but we’ve done our best to field some of the common questions we’ve been getting from potential home sellers.
Is it still a good time to sell?
I’ll spare you the “it depend’s” statement and instead provide a few things to consider if it’s time for you to sell your home.
- Do you want to? If selling your home was on the agenda before “all this” happened it doesn’t have to be off the table now. All the functions of selling your home are still operating and require no upfront cost.
- Do you have to? If the stay at home order has cost you your job or income, selling your home may be necessary. Selling now while taking advantage of mortgage forbearance, unemployment, and stimulus assistance, could offer some relief.
Are people still buying homes?
Yes, people are still buying homes. But there are a few things we are making sellers aware of when helping them create a home selling strategy.
- Financing is being disrupted. You’ve probably seen headlines of extremely low-interest rates. Traditionally this means more people can now afford homes, and existing homeowners can upgrade. However, we’re also seeing banks tighten up on lending requirements. It’s too early to tell how this will affect the number of buyers out there. We look at trends as it relates to your specific price range, neighborhood, and home features to get a better expectation of the number of buyers out there.
- Acadiana was already a buyers market. Meaning the number of homes was high and buyers had plenty to choose from. And choosing they were, with Acadiana seeing record-breaking home sales. It’s possible that things get more competitive only amplifying the importance of getting your home on the market with a solid strategy for pricing, market positioning, and help to protect contracts. And if you didn’t notice – that was a plug for exactly what we can help you do! – See how here.
Will I have to sell at a discount in this climate?
No, so far our clients have still been able to maintain a 98% list price to sale price ratio. Meaning they are getting what they ask for their homes. It will take time for the economic impact to take its course and if more homes go on the market with fewer buyers prices may need to come down to attract an offer. We don’t have a crystal ball but we aren’t at that point today.
How do showings work?
Currently, they are operating the same way they always have. Shoppers are looking online and scheduling showings with agents. The stay at home order has caused a slow down in showings, but home sellers are still entertaining showings either virtually or live.
What are virtual showings?
Think of Google street view but for the inside of a house. A virtual showing is like a video of your home that gives the viewer controls so they can walk through the home and get a better idea of the layout. After seeing photos, and the description, getting a sense of the layout and details is one big motivator for scheduling a showing. This can be accomplished virtually. Creating the media required for a virtual showing can be done at the same time we take photos for your online listing.
What is ReHive doing to ensure I can stay safe while selling my home?
We are working with clients on a case by case basis to manage the risk of in-home showings.
For homes that are occupied we don’t recommend open houses (actually we never have – see more on that here.)
For clients that are older or have health vulnerabilities, we are strongly recommending virtual showings as a way to mitigate traffic into the home. For serious shoppers that request a private showing, extra sanitization efforts are made, and shoppers are asked to minimize touching and continue to maintain distance.
For homes that are unoccupied, we are letting shoppers enter and take personal precautions at their discretion.
Operating virtually isn’t new for us. We have always prided ourselves in the savings we can pass along by using technology to make things easier.