The pandemic has affected every aspect of life, and personal finances are particularly in bad shape at this point. Businesses have closed down, people have lost their jobs, and pay cuts are rampant. Thousands of homeowners across the U.S. are looking to sell their properties, mainly because they need money or are not in a position to pay their mortgages. But the real estate markets are showing a gloomy picture right now, as a recession is looming large and there is an overall economic slump across the country.
Selling your house during the pandemic can be far more challenging than it is otherwise. You may have to struggle even more if you want access to quick cash because genuine buyers and fair deals are hard to find in the current state of things. Still, taking the right approach can help you sell your Washington home fast and without hassles. Let us share some useful pieces of advice that can help homeowners looking to sell their houses in these tough times.
Know the market
Before considering facts and advice for real estate deals in the COVID season, you will need to understand the market first. Some research on the real estate landscape in the country and Washington would help you decide the right time to sell. Since the demand is probably running low, you may have to reset your expectations. At the same time, experts can recommend the best time to sell if things seem to be looking up in the future. While you do market research, you may also find some helpful guidance on selling fast and getting favorable deals if you are not in a position to delay selling at this point.
Showcase your place online
Since social distancing is a norm in the pandemic, you cannot expect the potential buyers to drop in as usual. Rather, it is preferable that they shouldn’t unless they are genuinely interested in taking the deal through. The best advice would be to showcase your place online. Take clear pictures and videos and post them online, and you may even send them directly to a buyer who wants to take the deal ahead. Creating a virtual walk-through tour of the place is also a good idea as buyers will be able to see your place just as it is. Highlight the selling features of the house, such as updated kitchens and baths, large bedrooms, finished basements, decks, gardens and large backyards. At the same time, you should not make it look too good to be true.
Awareness about your place helps
Even as you create virtual tours and impressive listings for your place, it may not match the expectations of the potential buyers once they arrive to have a look. You may end up wasting your time, and deals may never finalize because buyers may find flaws in the place before closing them. Awareness is vital, so you must know the flaws in your place and accept them as well. An inspection by a professional contractor would help you understand the issues and how much it would cost to deal with them. It will also help you decide the fair value of your property so that you are in a better place to negotiate its price at the end of the day.
Be open about repair requirements
The pandemic may not be the best time to invest in repairs and upgrades for your living space, whether you plan for improvement or value-addition. You will end up with a risk of contracting the virus by having workmen at your place. Moreover, repairs and upgrades are a burden on the pocket, particularly if you plan to sell the place right away. Consider selling the property as it is, even if it means that you will get a little less in terms of the selling price. As you put up the house for sale, be open about the repair requirements, and convey them to the potential buyer. Also, set a realistic price by considering the estimated amount you will have to spend on repairs.
Look for a cash buyer
Selling in the pandemic requires a different approach as the conventional one may not be viable enough during this unprecedented situation. Listing and showing your property may be a cumbersome process that takes longer than you expect, particularly when the markets are tight. The risk of the virus runs high if you hold an open house, and it is still there even if you schedule showings by appointment. As a better alternative, look for cash buyers in Washington that close quickly because they will pay you hard cash quickly and close the deal right away. Further, you will end up saving on realtors’ fees and commission, which makes the deal even more favorable in terms of the final amount you get.
Take a realistic approach
No matter how much you expect to make with the sale of your property during the pandemic, it is evident that the market is not normal right now. Demand and prices are erratic as the country is going through the worst economic crisis ever, and things aren’t looking bright ahead. It makes sense to take a realistic approach when it comes to closing a deal at this point. Right now, cash sales are the best decision, even if you have to settle for a little less but get to sell early. If you fail to close the deal now, you may end up with a dead property in the long run. Being flexible will keep you on the right track.
The best way to sell your Washington home during the pandemic is by opting for a cash buyer you can trust. A good one wouldn’t take advantage of the crisis and offer a fair price for your place. You can close the sale at the earliest yet secure a deal that is viable enough. Steer clear of a hasty decision and take a common-sense approach so that you get the best deal even during a crisis.