The US department of homeland security recently classified real estate as an essential service.
Selling a home during a Pandemic has certainly “changed” not “stopped” the way real estate industry business is buying and selling homes.
If you have a special reason to SELL your home ON MAUI, HAWAII:
Relocation for work,
Struggling with your mortgage,
And want to get out before you get UNDERWATER….
You are in LUCK because MORTGAGE RATES will drop even lower in the coming weeks.
Many new home buyers will want to capitalize on those rates, so you may be in good position to
find a buyer earlier. Furthermore we are slowly heading into a recession however we don’t know what the economy will look like 3, 6, 9, and 12 month from now. You run the risk of not receiving the asking price you want if you wait.
- REPLACE SHOWING WITH PERSONAL TOUR.
Eye catching photos and videos have long been a must for any home listing.
Virtual showing, virtual staging, aerial drones footage can also give buyers a better feel for the highlighted elements, landscaping water features etc.
- KEEP IT CLEAN
Use staging to improve the look and feel of your home.
Keep things neat and organized (declutter).
Start tour by administering hand sanitizer for everyone.
Keep 6 feet apart (wear a mask).
Once showing complete wipe down all handles and knobs with disinfectant wipes.
Less sellers are hitting the market right now. Send buyer video/virtual tour of your property.
- LEVERAGE TECHNOLOGY You and your buyer can do a zoom call or facetime to negotiate or contract details Instead of texting and emailing. When you execute a contract you can use a docusign. You may be able to sign every document without leaving your home.
- DELAYS Delays may include travel restrictions affecting buyer, seller, an attorney, lender. If a court house or clerk office where the property deed needs to be filed is closed. Worse scenario, if we go into a major recession, you can have a buyer pull out of a deal during escrow. A previously qualified buyer may experience complication on new terms that completely throw a closing into disarray. Due to recent complications it may take an additional month or more to finally finish paperwork whereas before covid-19 it took under 2 month to close. This may affect closing costs.
- INSPECTION AND APPRAISALS Call multiple inspection companies. Prepare for a delay. From Banks to inspectors most of these professionals are enduring social distancing measures in place. Many loans are declined due to covid or some inspection companies are now advising owners to stay in on a part of their homes while the masked and gloved inspector completes his job. Some lenders are allowing drive by appraisals by photos. Call multiple inspection companies and lenders to figure the best guidelines for the new reality in real estate. Selling might go more slowly than what you are expecting so plan for that. Everyone is affected by the situation, home inspection, escrow, agents, appraisers. There is a longer waiting time because individuals are unavailable or sheltered in. Purchase agreement for your home will likely contain a closing date, be flexible on this. It will take more time, so plan for 60 days for closing.