What to Know as a Seller During the Current Pandemic
I’m not ready to list my house, should I just wait until this is over?
Every home is unique with varying factors such as: school districts, condition, price point, etc. With that said, even if it’s not the right time to list your house, there are plenty of steps that need to take place before going to market. Whether it’s that slow drip kitchen faucet or old mulch that needs to be replaced on the side yard, now is a great time to get that done. If you’re not sure which steps to take, Rinu is always happy to provide a property review at no cost.
Are showings still happening?
At this time face to face interactions need to be limited. While virtual tours will become the initial approach, private showings with a maximum of 2 buyers of the same household can take place in Santa Clara County if there is a serious interest and the property is vacant. In San Mateo County, private showings are not currently available and homes should not be sold unless deemed essential as outlined in the FAQ. The California Association of Realtors(C.A.R.) has released Coronavirus specific advisories and addendums to clarify and address these new challenges.
Are sales still happening?
Currently, Residential Real Estate sales are still taking place. In fact, throughout the current pandemic, Bay Area Real Estate services were only disrupted for a single day as the industry adapted to new procedures and protocols. According to a local Santa Clara County MLS, in the seven days prior to this post, there were 388 homes listed and 337 homes sold. While these figures are lower than those of 2019, it does show that the real estate market continues to move forward.
Won’t the current market decrease the price of my house?
Current homes in the bay area are continuing to transact at fair market prices. It is important to note that prior to the COVID-19 pandemic, Bay Area Real Estate had already begun to level off as cited in a January report commissioned by Zillow of over 100 economists and real estate experts. Long story short – Homes are still selling above their initial value (prior to the pandemic) and above the previous year, however this may very well change towards Q4 of 2020.
How much additional time should I plan to get my house on the market?
All aspects of the listing process have a lengthened timeline due to the current pandemic. We suggest adding roughly 30% to any original timeline estimate. While all real estate services are adapting quickly, many have restricted their capacity and hours of operation.
Do you have more questions or a unique situation? Feel free to reach out at [email protected] to be placed in contact with one of our experts. We also are happy to offer a property review at absolutely no cost.