SELLING DURING THE CORONA VIRUS OUTBREAK

Virus or no virus, people still need to sell their house. Making that happen is what this blog is about today.  Sellers are keenly aware that much of the country is still in various stages of shelter-at-home orders and that taking extra precautions is a must.  It means taking responsibility for public health and doing the best you can to protect yourself and others.  Here are critical areas to consider as you move forward with selling your house during the virus outbreak.

1.Pricing -   As the economy comes to a grinding halt and the stock market continues its roller coaster ride, the question arises as to how this will affect the housing market, especially as would-be buyers find themselves in precarious financial straits.

Virus or no virus, there are buyers who still have to buy and sellers who have no other choice.  Finding the right price that will attract as many qualified buyers as possible is job#1.  The question still remains - How low should you go in this market?

2. Marketing - The old tried and true methods have become taboo in many locations due to the widespread shelter-at-home orders, but innovative  and creative marketing means now open houses to more potential buyers.  Video tours, Facetime showings and Zoom open houses now walk buyers through houses and answer questions live.

3. Inspections -  As the seller, get the inspection done before even listing and use that as a marketing tool.  Some states have placed limitations on real estate activities and having a pre-listing inspection makes for a strong selling point.

4. Appraisals - On March 23, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac "to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020." 

In short, Fannie and Freddie will allow mortgage loans to go through with "appraisal alternatives" in order to "reduce the need for appraisers to inspect the interior of a home for eligible mortgages."

5. Closing table - The National Association of Realtors advises, "Brokers should use their best judgement when formulating a plan" for closings. Your real estate agent should advise you as to the guidelines established for your area.

Virsus or no virus, houses are bought and sold every day.  The ground rules for the game may have changed during this viral outbreak, but opportunities are still out there for both sellers and buyers.  Exercise caution and work with agents in protecting your house and family.