Preparing for the Housing Market Post Covid-19
As the world starts to resume normal activities in the wake of coronavirus slowly, many hesitant homeowners are ready to sell. Likewise, with business beginning to continue, as usual, potential homebuyers are resuming their house searches in earnest. So, what can both buyers and sellers do to prepare for the housing market post-COVID-19? Let’s take a look.
Sellers shouldn’t panic and accept low offers
It’s stressful to have a home sit on the market, and it can often make sellers jump at the first offer they receive, even if it’s a lowball offer. It’s still very much a seller’s market, so work with your New Mexico realtor to gauge when to accept and when to pass on an offer. While the market may have slowed, it’s not weakened, so resist the urge to jump at the first offer if it’s a low one.
The market has more serious buyers
COVID-19’s economic impact is far-reaching, and as a result, many mortgage lenders have tightened their qualifications. While sellers may be nervous with fewer buyers in the market, they should be reassured to know that those buyers out there are highly qualified, serious buyers.
On the flip side, younger, less established buyers may find it difficult to get pre-approved for a loan or securing financing. Because lenders have become stricter with lending practices, those buyers with low or less established credit may find that now is not the time for them to buy. If you fall into this category, don’t get discouraged. Use this time to continue building your credit history and saving for your down payment. Once the economy levels out, you’ll be in the perfect position to purchase a home.
A new normal
Even with social distancing restrictions easing, buyers and sellers can expect safety practices in the housing market to remain. Buyers will want to do as much homework as possible on potential properties in advance. And, both sellers and agents will continue to provide as many photos and video tours as possible to reduce the number of people entering a house.
Selling your home in a post-COVID-19 world means having strict rules for handwashing, sanitizing, and shoe removal for house tours to keep you and your family safe. With no vaccine in sight, buyers and sellers may continue to use virtual closing and digital documents to take care of legal paperwork. Again, the name of the game is limiting contact with others, and real estate transactions will continue to observe distancing practices.
If you’re still hesitant to put your house on the market, you’re not alone. So, if you want to wait a little longer, use this time to make sure your house is show-ready when you go to list. Deep clean your home and use this time to declutter and organize. If you’re really on the ball, you could get a jump on packing by renting a storage pod and moving nonessential items out of your home. Buyers respond positively to clean, depersonalized, and organized (read: decluttered) homes, so spending the extra time is a win-win for you.
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- Carolina Katzreid
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