Selling Your Home During COVID-19
Updated: Jul 5, 2020
How to safely list your home for sale in Maryland during the pandemic.
Can I Buy or Sell a Home Right Now?
Yes! Real estate services are deemed an essential business in Maryland and have been throughout the entire shut-down. Realtors here at Showcase Real Estate have changed the way we operate to provide for a safer experience for all involved in the sale of a home.
One of the ways we attempt to mitigate the risk of contracting the disease is by making our processes virtual. Below is a list of how we have transitioned to the virtual space:
Providing professional 3D Matterport tours of your home to be viewed by buyers from the safety of their own home.
Virtual Open Houses offered in which only the listing agent is allowed inside your home, having a set time for buyers to ask questions via Zoom.
E-signatures on all forms via Docusign to avoid transmitting the disease via paperwork.
Providing the option to have separate settlements for buyers and sellers.
What's the Market Like?
Maryland cities as a whole are in a seller's market. Anywhere within 30 minutes of Baltimore or D.C. are highly desired. There is a higher demand for houses than there is supply. Prices have remained steady or increased during the pandemic. This is due to low interest rates and buyers competing over the same home and driving the sales price up. Inventory is low due to sellers being unsure if now is a good time to list. If you are looking to sell, now is a GREAT time to put it on the market.
If you are a buyer in this market, you should be prepared before you start searching for homes. Get pre-approved by your lender and have your Realtor ready to submit your highest and best offer quickly. Homes are selling in 1 or 2 days in many areas. Below are some tips for crafting the most competitive offer on a home:
Include an purchase price escalation clause. This states that you will automatically increase your offer above any higher offers by a specified amount (i.e. $500).
Reduce the number of days on the inspection contingency.
Reduce or remove any requests for closing costs to be paid by the seller.
If the house is slightly below market value to create competition, don't be afraid to offer the true market value. Don't be the buyer(s) that lose out on your dream home over a few thousand dollars. Over 30 years, it won't add up to much.
Write a personal letter to the seller. You would be surprised how big of an impact a letter with your family picture on it can have. It is not uncommon for a seller to choose a slightly lower offer because they were swayed by a personalized letter. Add dogs and kids into the picture. Is this your former childhood neighborhood? Is it close to your job as a first responder? The more the seller can relate or sympathize, the better.
Last of all, find a great agent who knows how to navigate the complex process of buying or selling a home. Their expertise can make all the difference!
Click Here To Speak with a Realtor in Your Area!