5 Tips for Selling a Home Amid Coronavirus

COVID-19 has changed the way businesses are engaging with customers, as well as the way consumers are spending both time and money. With businesses being deemed essential state by state, or even county by county in some cases, entire industries are having to change the ways things have always been done to find innovative ways to get the job done while keeping patrons and workers safe.

One industry that has been deeply impacted, due to its person-to-person, face-to-face nature, is real estate.

Gone are the days of packing potential buyers into open houses over the weekend. HomeLight, a property-tech company that matches consumers with top local agents, surveyed more than 600 top-performing agents across the country for its Q1 Top Agent Insights, and data showed that 84 percent of agents have put a stop to open houses.

Instead, agents are learning new strategies for finding buyers, showing homes and closing the deal on the fly.

Here are a few examples of how agents are adapting:

● Virtual/video home tours: While minimizing the number of people in and out of the home, agents have leaned hard into creating video or virtual tours so that buyers can get a good look without stepping foot inside. Fifty-five percent of top agents surveyed said they are relying on virtual tours.

● Drive-through or curbside closings: E-closing is a reality in many states, but not all. In the case that it's not, agents are working with title and notary professionals to avoid having to huddle around the closing table. With a curbside closing, buyers and sellers are allowed to sign critical paperwork from the safety of their car, and drive-through closings are similar, but usually in the business's location.

● COVID-19 clause: Since COVID-19 hit its peak, agents and their associations have had the option to use a contract addendum that protects parties in the event that delays occur due to factors out of one's control, such as government offices being unavailable to file paperwork.

Sellers must also adapt to accomplish their real estate goals in 2020. Here are a few things you can do.

Find a trusted agent

Homeowners will certainly need an agent to guide them through the process of preparing and selling a home in this market. Things like finding trusted service providers, facilitating the sale and overcoming any obstacles are agents' forte. Don't have an agent yet? Try checking out top performing agents on HomeLight.

Price your home to sell, but don't take lowball offers

Mortgage interest rates might be favorable for buyers at the moment, but pricing your home properly will be key in determining how quickly it sells and for how much. Homes that are overpriced often sit on the market and eventually require a price reduction if they don't sell.

The best way to set a realistic price for your market is to sit down with your trusted agent, look at comparable sales (both before and during COVID-19), and base your price on what the market demands.

With that said, don't accept the first lowball offer that rolls in. Seventy-five percent of agents surveyed were still reporting that prices were holding strong as of mid-April.

Expect serious buyers, but slow going

Agent Insights revealed that 43 percent of agents are seeing homebuyers hit pause. However, with mortgage lenders tightening qualification standards via mortgage overlays, buyers who do show interest will be better financially qualified to purchase a home.

A few things you can do to enhance buyer interest:

● Include 3-D self navigable tour, pre-recorded video walkthrough, or listing video to your listing in all places it appears (Zillow, realtor.com, MLS, etc.)

● Spend some time updating your curb appeal. Buyers might not be invited inside, but they can certainly drive by.

● Make sure your agent knows what you love about your home so that he or she can include all the highlights in the listing description.

Prepare to sell

While spending extra time at home, now is the time to plot your pre-market updates. Your agent can help walk you through finishes and other cosmetic choices that make sense for your market.

The infographic below shows the projects that will yield the best return on investment according to HomeLight's data.

Selling a Home This Spring? Here's What 500 Top Real Estate Agents Say You Should Do

Brought to you by HomeLight.

● Paint: It's relatively low-cost and easy to DIY while social distancing. HomeLight data shows that nearly all agents say that buyers want neutral tones over loud colors, with 79 percent appreciating grey tones to the 9 percent who prefer beiges.

● Windows: Another big win, 46 percent of agents said energy efficient windows increase the home's value. Eighty percent say that homeowners will recoup more than the value of installing new windows or siding.

● Gutters: Homeowners who use high-quality replacement materials for gutters are likely to see a 60 percent ROI.

For more on home improvements check out HomeLight's projects with high ROI.

Clean, clean, and clean

Most people are very aware of the need to clean and disinfect. If there's any chance that buyers and their agents or other service providers might be coming through from time to time, it's critical to learn best practices for cleaning your home, including which chemicals to use. Here's a guide that will help you clean and disinfect your home and keep it safe throughout the selling process.

For more information on selling during COVID-19, visit HomeLight's COVID-19 hub.