The National Association of Realtors (NAR) provides guidance<\/a> to help address some of the common issues related to real estate transactions at this time. It\u2019s being continually updated based on recommendations from the WHO (World Health Organization), the CDC (Centers for Disease Control), and the White House. NAR has also prepared a Sample Preparedness Plan<\/a> for handling exposure risk on the job \u2014 what you are legally allowed to do in your state, county, or municipality will vary, as different areas have different rules around staying at home, sheltering in place, and whether or not real estate is considered an essential service<\/a>.<\/p>\n Beyond that big-picture view, you\u2019re going to need real-world tools and tactics you may have never used before in the midst of unprecedented circumstances. So what exactly will you need to list and sell a house during coronavirus? We talked to experts and consulted official guidance to bring you this primer.<\/p>\n At this time, you and your sellers should be considering your approach to pricing carefully<\/a>. As the economy grinds to a halt and the stock markets continue to ping-pong, we don\u2019t know exactly where the housing market will land. But it appears the country is heading toward recession<\/a>, and that could certainly affect the housing market, especially with increased numbers of would-be buyers who suddenly find themselves in precarious financial positions.<\/p>\n Still, there will be buyers who simply have to take the plunge right now, just like there are sellers who have no other choice but to list their home at a less-than-optimal time. Your first job is to find the price that will attract as many of those qualified buyers as you possibly can for your listing. But how low should you go in this market?<\/p>\n The real estate site Curbed called coronavirus \u201cthe wild card in the housing market<\/a>,\u201d and noted that it could put a damper on demand. However, it noted: \u201cStill, don\u2019t expect home prices to drop. It would likely just slow down the pace at which they are rising.\u201d<\/p>\n The experts we talked to agreed. Eric Schuell<\/a>, a top-selling agent based in Connecticut, doesn\u2019t anticipate seeing prices bottom out \u2014\u00a0far from it.<\/p>\n \u201cWe still have an element of supply and demand, which means there are not enough listings \u2014 period,\u201d he says. \u201cBuyers have diminished off the board as well, but I also think that with this supply and demand, the prices are going to stay the same because there are still people who have to buy a house.\u201d<\/p>\n He cited one client who went under contract four weeks ago on the sale of their home and paid full price on a new home. \u201cWe didn’t know this was coming, so they had to buy,\u201d Schuell notes.<\/p>\n In his own experience, David Aurigemma<\/a>, another top-selling Connecticut-based agent, sees significant reason for pricing optimism, explaining the market is \u201cjust that much more fierce.\u201d<\/p>\n \u201cThe inventory was already so low, and now it\u2019s even less than what it was three weeks ago. Your home will sell. People are looking,\u201d Aurigemma says.<\/p>\n \u201cI think that the crisis just makes the inventory more limited, and people are willing to pay exactly what a home is being offered for.\u201d<\/p><\/blockquote>\n He\u2019s noted no dropoff in the last two weeks during the pandemic, and notes that some sellers removing their homes from the market puts the remaining ones in better position for a premium-price sale. \u201cSome are putting themselves on pause a little, so it gives remaining sellers a great position to get most of their asking price, if not more.\u201d<\/p>\n Andrew Helling, editor of the real estate site REthority.com<\/a>, also points to limited supply. \u201cThe reason why housing prices have skyrocketed the past few years is because the population is growing quicker than the amount of houses being built,\u201d he says. \u201cWhile the strong economy has added confidence to someone who would otherwise be on the fence, the main driver behind the increase in prices is the lack of supply. A recession as a result of the coronavirus will limit supply even further.\u201d<\/p>\n In terms of hard data, the California Association of Realtors reported<\/a> in a flash poll conducted between March 14 and 16 that more than half (54%) of Realtors had clients who backed out from buying a home because of coronavirus, and less than one-half (45%) had clients who backed out of selling a property. HomeLight\u2019s own flash poll conducted March 13 through 17 showed that 41% of agents had seen seller activity slow down, and 45% had seen buyer activity slow down<\/a>, since the advent of the virus.<\/p>\n We may be in the midst of uncharted territory without firm answers, but when this crisis is over \u2014 and it will be \u2014 Schuell expects it to be a major boon for the housing market.<\/p>\n \u201cSome sellers just don’t want to be a part of it [right now]. They don’t want people coming, they don’t want people going, and they don’t even want me<\/i> at the house \u2014\u00a0and we have to respect that,\u201d he says.<\/p>\n \u201cAll I can say is we’re going to have one hell of a summer when this is all over \u2014\u00a0the people in the pipeline who want to sell but are holding off right now\u2026 It\u2019s going to be a really great summer coming up. I am 100% confident in that.\u201d<\/p>\n Leveraging your network to find qualified buyers who are in a similar situation as your sellers \u2014 in that they need to move now<\/i>, and don\u2019t have the option to wait \u2014 will be one of the best ways you can prove your worth as an agent right now, and could save everyone time and stress. So make sure that first and foremost, you\u2019re marketing your listing to the buyer\u2019s agents you know, and providing them with all of the virtual tools they\u2019ll need to familiarize themselves with the listing and share it with their buyers.<\/p>\n At a time of widespread shelter-in-place orders around the country, open houses are probably out as a way of marketing the listing (unless they\u2019re virtual ones), and home tours<\/a> might almost feel like a distant memory already to some agents.<\/p>\n These days, you\u2019re smart to double down on virtual and digital offerings. Videos and photos are going to be more important than ever, so make sure they shine.<\/p>\n \u201cI think video is even more important than photos right now \u2014 video is going to really play a huge part in this new market,\u201d Schuell suggests. He also noted he\u2019s done FaceTime showings since the pandemic broke out. Agents in other markets have offered Zoom open houses, walking attendees through the house and answering questions live, and there are plenty of opportunities to schedule \u201ctours\u201d like this using social media platforms as Schuell has done.<\/p>\n To minimize face-to-face meetings \u2014 or manage when they are not possible at all \u2014 provide more information upfront than you normally would. Consider disclosing details on systems, warranties, materials, and other data that can be collected in a digital file and distributed to interested buyers. You might also include receipts or permits for any work done on the home and any other details buyers usually want. Not only will this upfront extra step save in-person back-and-forth, but it will save time as well \u2014 and that could be of the essence when you\u2019re looking for a quick sale in a chaotic economy.<\/p>\n If you are<\/i> offering home tours \u2014 ideally only in vacant properties, to well-qualified buyers who are not feeling ill \u2014 make hand sanitizer available at the door, provide tissues, make sure there is soap at all the sinks, disinfect surfaces with Lysol afterward, and take every CDC-recommended precaution. Some states are allowing agents to show homes to only one buyer at a time, which means that one half of a couple must wait in the car. Remember, whatever you can do to keep the house safe and clean is both your professional responsibility, and now also your social obligation.<\/p>\n \u201cWith vacant properties, I put a sign on the door saying there\u2019s soap and there’s paper towels inside and to use them,\u201d Schuell says. \u201cWe want you to wash your hands before and when you go in and then upon leaving when you go in. And if you\u2019re not feeling well, don’t enter the residence.\u201d<\/p>\n As a workaround at a time when inspections can be tough to come by \u2014 and absolutely impossible in states where real estate is currently considered non-essential \u2014 consider getting a pre-listing inspection<\/a> if that\u2019s an option where you do business.<\/p>\n \u201cThe seller can get the inspection done before even listing and use that to help market the house,\u201d suggests Mike Marlow of Veteran Home Inspections<\/a>. If that\u2019s still available to you in your market, or real estate is considered an essential business, consider urging your sellers to order a pre-listing inspection.<\/p>\n Whether you do a pre-listing or a buyer\u2019s inspection during closing, here are some best practices to follow:<\/p>\n Importantly, there is some flexibility now around appraisals, and you\u2019re going to want to share this with the buyer\u2019s agent \u2014\u00a0because it\u2019s potentially a huge boon: On March 23, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac<\/a> \u201cto provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020.\u200b\u201d<\/p>\n In short, to help alleviate some of the closing burdens caused by coronavirus, Fannie and Freddie will allow mortgage loans to go through with \u201cappraisal alternatives\u201d in order to \u201creduce the need for appraisers to inspect the interior of a home for eligible mortgages.\u201d<\/p>\n In addition, if lenders cannot obtain verbal verification of the borrower’s employment<\/a> before loan closing, lenders can instead get verification via an email from the employer, a recent year-to-date pay stub from the borrower, or a bank statement showing a recent payroll deposit.<\/p>\n To help slow the spread of coronavirus, you should not be interacting with clients in any way right now face-to-face. Depending on your state or region\u2019s shelter-in-place mandates and current ability to provide e-notarization services, you will need to leverage technology to different degrees in order to get listings across the finish line, and you might have to get creative. (For example, in a recent episode of HomeLight\u2019s podcast for real estate agents, The Walkthrough, one agent described handing closing documents through a window to protect a medically-compromised household member<\/a>.)<\/p>\n However, if you are<\/i> still interacting face-to-face with clients, you may assess potential health risks by asking about their possible exposure \u2014\u00a0but avoid possible Fair Housing violations<\/a> by asking all clients the same screening questions.<\/p>\n In general, as NAR advises, \u201cBrokers should use their best judgment when formulating a plan.\u201d<\/p>\n Note that your \u201cseller does have to disclose to potential buyers someone in the household has tested positive for COVID-19<\/a>, through the seller’s disclosure notice pertaining to anything on the property that could materially affect the health or safety of an individual,\u201d according to the Texas Realtors guidance.<\/p>\n Seller\u2019s disclosures vary state-by-state (and some states are caveat emptor<\/i>), and this is brand-new legal territory; Look to your broker or local Realtor association for region-specific advice on how to handle a seller who tests positive for coronavirus before closing.<\/p>\n (Note, too, that the buyer could request a deep-cleaning, and if the seller will not agree to pay for it, the buyer can delay moving into the property<\/a> to allow time for the risk of exposure to recede.)<\/p>\n![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/03\/listing-house-during-coronavirus-1-666x381.png\")
<\/a>Pricing the listing<\/h2>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/03\/listing-house-during-coronavirus-2-666x381.png\")
<\/a>Marketing the listing<\/h2>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/listing-house-during-coronavirus-4-666x381.png\")
<\/a>Closing hurdles<\/h2>\n
Inspections<\/h3>\n
\n
Appraisals<\/h3>\n
The closing table<\/h3>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/03\/listing-house-during-coronavirus-3-666x381.png\")
<\/a>Disclosures<\/h2>\n
After the sale<\/h3>\n