To say that these are uncertain times is an understatement and you may be hesitant when considering entering the real estate market. We are living through a unique event in human history and it’s understandable if you’re apprehensive about what lies ahead during this period, should you need to sell real estate. If you’re feeling a bit lost about how to proceed, you’ll find the following 6 things you should know about selling in Kansas City during coronavirus very helpful in the process.
One thing you should know about selling in Kansas City during coronavirus and the uncertainty in the economic outlook, is that those with the option to delay a move, are doing so for at least a few months. While not necessarily true, there is a perception that the seller must be under economic or legal pressures, and being forced to sell, which has the potential of driving negotiations towards an overall lower final purchase price. Conversely, you should also know some buyers or sellers need to make their move quickly in Kansas City during coronavirus. This could be due to changes in employment, be it either a move down or up, or due to personal issues such as caring for a family member in another location or any number of other reasons.
If you are selling a house right now, know that because so many sellers are waiting, there are fewer houses on the market and at the same time there are a lot of people working from home looking to buy larger houses or moving out of apartments and into houses for more space, causing huge demand. Those that are in the right condition, at the right price are selling quickly.
Home sales made a noticeable jump in July, as buyers are spending more time at home due to COVID-19, they are searching for more comfortable surroundings. Due to changes in the economy brought on by these highly unusual circumstances, lenders have tightened credit standards negatively across all economic classes of the market. This means that less of the population will meet the standards that are required by most traditional lenders.
At the same time with record low-interest rates, there is an all-time high for refinances. So lenders and appraisers are very busy. And in some areas, there are huge delays in getting financing as lenders are waiting for appraisals to come back. So if you are selling a home, expect buyers who are getting financing from traditional lenders to potentially have delays of a couple of weeks up to a month and budget for that.
Another thing you should be aware of when selling a home in Kansas City during coronavirus is how to keep safe during the process. it’s frightening to think that someone walking through your home could endanger you or your family members. Discuss with your real estate agent the steps that are being taken in order to prevent bringing someone showing signs of illness or with a fever wandering through your living space.
First, many agents are spending lot of time and money on photos and videos. And using tools like Facetime and Zoom to host virtual open houses.
Next, when you do have a showing scheduled turn on all lights and open all appropriate interior doors so that agents and their buyers don’t have a need to touch much in your home.
Make sure there are booties and hand sanitizer and disinfecting wipes at the door for those walking through to use to protect themselves as well as you. And so they can wipe down surfaces that they do touch before they leave.
Empty Is Golden
If you happen to have a house you are selling a house that is sitting vacant, your agent should share that fact, maybe not publicly, but in the comments for other agents on the listing. Buyers are apprehensive about walking through occupied houses, just as sellers are apprehensive about having strangers in their home. So, a vacant home has a lot more appeal to some.
Something else you should know about buying and selling in Kansas City during coronavirus is that many sellers are requesting that only their agent show the home. Another way to keep a low total on the number of people who’ve actually been inside your home during the entire process is to ask that only two people per showing be allowed. While often the buyer’s agent is not in favor of this arrangement, special allowances must be made at this time.
And if at all possibly, spend time and maybe a little money on getting a lot of professional photos and videos of the home to market it online so buyers can view the home virtually.
Given the technology of today, you’ll also want to be aware of everything possible about the virtual pool of potential buyers or sellers, when selling in Kansas City. For the tech-savvy who want to go it on their own, while it may look easy, you’ll want to be certain that you keep within all of the local, state, and federal laws that govern real estate transactions.
There has also been a proliferation of online scams. There are a lot of face home buyers and fake home sellers out there these days, so you’ll need to investigate just who you’re accepting an offer from. Before finalizing anything by signing on the bottom line, you’ll want to make sure that they are legitimate people, are in fact the people they say they are and that all transactions and money go through a reputable title company.
Let kcmoHomeBuyer help you quickly and safely through the process without all of the headaches and concerns. whether you’re buying or selling in Kansas City during coronavirus. We are here to answer all of your questions and help you every step of the way! Send us a message or call kcmoHomeBuyer at (816) 800-9044 today!