How to Sell a Home during the Pandemic Fast!

Can we really sell our house during COVID?

Some Homeowners  are discovering that their lifestyle has changed due to the COVID Pandemic and their current house is suddenly inadequate and does not meet any or all of their needs.  It’s a big disappointment to face when considering that their home is the biggest investment that most people make in their lifetime.

Homeowners find their needs have changed:

•  need office space because they are working remotely
•  need more room for the kiddos to play or do their homework
•  perhaps the need or want is to downsize
•  no longer want to keep that second home
•  want to live in a more rural area
•  desire to live near family

We receive questions daily from homeowners that want to know if they can sell their home under the current real estate market conditions.  Owners want to know the “value” of their property and how long it will take to sell.

There are a number of factors that can impact real estate prices, availability and investment potential.

Here are a few:

1.  Financial

Arizona Association of Realtors provides a form for all members to use in the transactions between buyers and sellers called a “Market Conditions Advisory”.  This form states what some may think is pretty obvious, that the real estate market is cyclical and real estate values go up and sometimes they go down.  But another factor in this is also the financial aspect.  This also changes and affects the real estate market.  Interest rates impact the price and demand of real estate—lower rates bring in more buyers, reflecting the lower cost of getting a mortgage, but also expand the demand for real estate, which can then drive up prices. What are the terms and conditions a lender is willing to approve a loan for the real property?

As professionals we must be knowledgeable not just about the loan process but the costs involved in obtaining a loan.  Many real estate professionals rely on lenders to keep them informed as well as reading articles, completing continuing education courses, seminars, webinars and of course through their brokers.

2.  Supply and Demand is another factor to look at to determine what the current real estate market is doing.

When the supply is low and demand is high, prices increase.

In this scenario, the inventory of homes for sale is low and there are more buyers demanding a home to purchase than there are homes to sell them.  In this case the buyers are willing to pay more for the real property.

If the supply is high and demand is low, prices decrease.

If there are more houses for sale than buyers who are willing to buy, then homes stay on the market longer and buyers are not willing to pay top dollar.

3. Economy, Demographics and Government Policies

Is the economy healthy? If the economy is slow then real estate can be slow.

What is the composition of the local population?  Demographics.   These statistics are an often overlooked but significant factor that affects how real estate is priced and what types of properties are in demand.

Legislation and Government Policies are another factor that can make a sizeable impact in the conditions of the current real estate market.  Taxes, Tax Credits, Deductions to name a few.

Real Estate Professionals must take all of this data from various sources and resources to determine the temperature of the current real estate market climate.  We can then education and counsel homeowners so they can make good decisions.  We are not however, qualified to provide financial, tax or legal advice.

Returning to the “Market Conditions Advisory” form it explains given all of the factors mentioned above it is still about what the buyers and sellers are willing to negotiate.

So What is the Current Real Estate Market like?

Currently, (November 2020) the inventory in the Prescott Area (Prescott, Prescott Valley, Chino Valley, Paulden, Dewey etc.) is very low.  Less than 500 residential homes are on the market today!  In my real estate career of over 30 years I don’t remember it so low!  Each day however, 20-25 or more new listings come into our local Multiple Listing Service.  This is Good News for buyers, however, there are still more buyers wanting to purchase!  The Good News for most Sellers is that they are receiving top dollar for their property and selling fairly quickly.

Whose buying? 

Currently, the feeder markets (where the buyers are originating from) are areas of California.  Orange County specifically has a large pocket of homeowners selling their homes and moving to the Northern Arizona and purchasing their new home with cash.  There are still many buyers taking advantage of the low interest rates and becoming homeowners for the first time!

So the Big Question is “How Can you sell in this real estate market during a COVID Pandemic?”

1.  Real Estate Professionals have been able to use technology to market properties for many years.  But in the last few months have made leaps and bounds to create marketing programs that get your property in front of thousands of buyers without the risk of exposure to the virus.

2.  Real Estate Professionals have tips on how to safely walk buyers through the properties with less risk of exposure.  This has become second nature to many buyer agents.

3.  Real Estate Professionals have tips for sellers to prepare for these showings and what to do after the potential buyers have visited the property.

Please email us at:  YannitelliGroup@gmail.com for your free guide:  Buyers/Sellers/Agents Guidance during the COVID Pandemic-National Association of Realtors

 How to Sell a Home during the Pandemic    Fast!

There never was a better time to take your real estate professionals advice and prepare your home by doing everything mention above but also take the steps below:

a.   DeClutter  DeClutter  Declutter!  Rent a storage area if possible but remove as much as you can including books, toys, treasures, big bulky furniture, personal items.  Simplify each room in the house.  (see staging tips) This not only helps with the sale but there will be less to clean and sanitize and maintain!

b.   Clean, paint and handle those repairs you have been meaning to get to over the years.  Now is the time to get it done.  It will all be worth it when your property is under contract and on the way to SOLD within two days of being on the market!  Buyers really appreciate a well maintained property!

c.   Don’t forget the exterior.  Curb appeal and landscaping are the first impressions, make those count in a Big Way!

d.  Pricing the property correctly is very important.  Asking too much will only keep it on the market longer.  In this current market pricing it right may even get you MORE!!

e.  Staging the home especially if no one is living there can make a difference.  If the buyers can’t imagine furniture in the room or the furniture doesn’t fit the room, buyers may have doubts their personal belongings could be suitable for the space.

We have a free Staging Tips Book that we can share with you.  Just send us your email address with the subject line “Staging Book” to:  YannitelliGroup@gmail.com

In conclusion,   How to Sell a Home Quickly even in a pandemic, can be a reality for homeowners wishing to sell now and agents services their seller clients.  I have been through several different real estate downturns and know that a business needs to shift and adjust depending on what is currently happening in the market.  If your real estate business isn’t flexible or if you adjust too late a real estate professional may find themselves out of the business!

A homeowner that is interested in selling should also adjust to the current real estate market.  If a seller expects to receive the highest price in the shortest amount of time for their property, call a real estate professional and gain some advice on the current market, how to compete with similar properties, what steps to take prior to offering the home for sale and of course what is the value of the property.

It is all possible -even during a Pandemic!

About the author: The above Real Estate information on selling in a Pandemic was provided by Cynthia Yannitelli, of the Yannitelli Group at Better Homes & Gardens Real Estate, BloomTree Realty.  Cynthia has managed real estate brokerages and trained real estate agents for over 20 years and started her real estate career over 30 years ago.  The Yannitelli Group is Cynthia and her sons, Neil and Nicholas, in a family owned real estate group enjoying what they do and working with each other.  Cynthia and the Yannitelli Group can be reached via email at yannitelligroup@gmail.com or by phone at 928-251-0025.