Low Inventory Might Help You Sell Your Home During COVID
Colleen Nunno
Colleen has a diverse background that includes real estate, investment banking, events marketing and interior design...
Colleen has a diverse background that includes real estate, investment banking, events marketing and interior design...
Selling Your Home During COVID? You Might Have an Edge...
Less is more when it comes to successfully selling your home during the COVID pandemic. That’s because if you’re still going ahead with your plans to sell right now, there’s dramatically less competition on the market—and this might be true for the coming months ahead, too.
Usually, the spring months bring a surge of listings to the market. Depending on your area, there would either be a comparable surge of buyers eager to relocate, or more properties than there are interested buyers. Of course, what used to be typical is no longer, as we all adjust to stay-at-home measures and day-to-day headlines.
While many would-be buyers have decided to hold off on their plans to purchase, there are still potential buyers looking to take advantage of low-interest rates, the possibility of fewer competing buyers, and the tech that’s allowing open houses to still happen (albeit virtually). In the mix, too, are potential buyers who have to move due to life changes, employment, and other personal reasons that make right now their time to make a move.
With fewer “for sale” signs in your neighborhood, you’re possibly in a great position to find a great buyer for your home. However, there are a few things to keep in mind to make sure you can benefit from this unexpected positive.
Less competition = more focus on the details.
Even if a buyer has a pressing need to move ASAP with fewer options to consider there’s more time to take a critical eye to what’s available. With an unknown timeline for life getting back to normal, there’s also an unknown timeline for a potential new owner to embark on a renovation, being able to hire professionals to make fixes or longer wait times for deliveries (especially for DIYers). Addressing key conditions and cosmetic issues now will help nudge a buyer towards your home versus another. Luckily, The Nunno Group offers Renovation Services as well as access to a variety of trades, like painters, electricians and more. We also work closely with you to suggest updates to improve you property and get you more dollar for dollar.
Camera appeal is now just as important as curb appeal.
The virtual “open house” is a must right now due to social distancing guidelines that restrict gatherings. This means that your realtor will either record a walk-through, host livestream tours, or schedule tours via FaceTime or Zoom. However, the same tech that makes virtual tours convenient can also distort many aspects within your home. For instance, paint colors might appear off, interior lighting can create a yellow cast, shadows may appear darker and clutter can look worse than it is. The Nunno Group prepares your home to look it's best, whether it's our award winning staging or top of the line photography and editing. We do not spare our resources to set your home apart from the rest.
Have masks, gloves, and other precautionary safety measures on-hand.
After a virtual showing, serious buyers will want to come by to see your home in person. Beforehand, follow all the safety precautions to disinfect your home. The Nunno Group provides extra masks and gloves (in sealed packages) just in case buyers do not have them on hand. Reduce the chance of contact with surfaces by leaving all lights on and interior doors open. Once the showing is over, do another clean-up to disinfect commonly touched surfaces. Your safety in our priority.
Stay on top of your own home search.
With so much uncertainty happening right now, it’s even more important to have a new home lined up once you’re ready. That’s because short-term and seasonal rentals (and even Airbnbs) might not be available in many areas for when you’re between homes, due to new local regulations. This is particularly true in tourist neighbourhoods and the downtown core.
Whether or not reduced inventory due to COVID-19 concerns can help you sell your home will depend on your area and the overall demand. Staying prepared (and keeping a positive attitude) goes a long way no matter when you plan to list your home for sale.
Wondering What Low Inventory Means For You?
Schedule a call with one of our listing specialists to determine what your best options are.