{"id":16404,"date":"2020-04-30T12:26:52","date_gmt":"2020-04-30T19:26:52","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=16404"},"modified":"2023-07-21T21:29:02","modified_gmt":"2023-07-22T04:29:02","slug":"tips-for-selling-your-home-coronavirus","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/tips-for-selling-your-home-coronavirus\/","title":{"rendered":"7 Tips for Selling Your Home During Coronavirus: Advice from Top Agents"},"content":{"rendered":"

On one of your social-distance walks around the block, you may have noticed something surprising: for-sale signs popping up across front lawns. According to our Flash Poll for April 15, 2020, 67% of real estate agents nationwide describe business as slower than usual but still doing deals<\/a>, and they estimate that 63% of sellers \u2014 in spite of the coronavirus pandemic \u2014\u00a0haven\u2019t cancelled their plans to move.<\/p>\n

But how does selling a home work in this new environment? Are you destined to sell for less or spend months on the market waiting for an offer? What challenges can sellers expect and how can they overcome them? To find out, we spoke with top agents across the country who\u2019ve been navigating this new landscape since March. Keep in mind that this situation is evolving and varies market to market, but in general \u2014 and for now \u2014 here\u2019s what the experts advise.<\/p>\n

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<\/a> Source: (Aliz\u00e9e Baudez \/ Unsplash)<\/figcaption><\/figure>\n

1. Don\u2019t entertain lowball offers \u2014 yet<\/h2>\n

The sudden and dramatic shake-up of day to day life and the economy might have some sellers reeling about whether their home value has plummeted since the coronavirus hit, but now\u2019s not the time to panic \u2014\u00a0or accept lowball offers, advises Rapid City, South Dakota agent Shauna Sheets<\/a>.<\/p>\n

\u201cThis isn\u2019t \u201808 or \u201809. We\u2019re not seeing home prices dramatically drop,\u201d says Sheets, who started selling homes a decade ago. \u201cWe\u2019ve heard the term \u2018lowball offer\u2019 in conversation, but we\u2019re not seeing that in practice.\u201d<\/p>\n

Before the coronavirus outbreak, data was trending toward a robust seller\u2019s market this spring<\/a>. As of mid-April, 75% of agents<\/a> report that prices are holding strong. Currently, low inventory<\/a> is suppressing any trend toward lower prices. So in general, think twice before accepting an offer you\u2019re not happy with.<\/p>\n

It\u2019s not clear how long these conditions will last, however. With jobless claims projected to reach 30 million<\/a>, and experts warning of a downturn akin to the Great Depression<\/a>, the housing market may very well come under serious pressure as a result<\/a>.<\/p>\n

For now, don\u2019t let nerves or jitters get the best of you. With the assistance of your agent, you can always craft a strong counteroffer<\/a> if you think it\u2019s worth trying to negotiate with someone.<\/p>\n

2. Expect less interest, but more serious buyers<\/h2>\n

The desire to avoid nonessential contact with others and wait to move until the pandemic subsides has caused about 43% of homebuyers to hit pause<\/a>, our data shows. But there\u2019s a silver lining, says top-selling San Antonio real agent Reagan Williamson<\/a>: \u201cThe quality of the buyer has gone up significantly.\u201d<\/p>\n

Economic uncertainty and skyrocketing unemployment has led many mortgage lenders to tighten their qualification standards<\/a>, making it harder for lower-credit borrowers to secure pre-approval or a home loan. As a result, \u201cOur buyers are much [stronger] right now,\u201d says Williamson. \u201cThey wouldn\u2019t be making offers unless they were serious and well-prepared.\u201d<\/p>\n

Sellers can make the most of this slow but serious traffic. Here\u2019s how:<\/p>\n