2020 has thrown some intense curveballs, and it’s safe to say every area of the economy has been affected. Real estate is no different: with stay at home orders and social distancing protocols, the months of March and April saw a dramatic decline in the number of real estate transactions happening around North America. However, June and July have shown a return to stable transaction rates similar to that of the previous year.
Although the numbers have returned to fairly typical, as a seller it may be a bit confusing trying to navigate the process while also adjusting to the “new normal.” We want you to give you some peace of mind and some tips. Read our seller’s guide to finding homebuyers in the age of COVID.
Positioning Your Home
The best way to attract the right buyers is to play up your home’s top features. While the open concept kitchen and additional guest suite are great to promote, think about what the surrounding area can offer during the COVID crisis.
Are there grocery stores nearby that offer online-ordering or delivery services? Are you surrounded by restaurants that have been able to transition to carry-out with success? How about opportunities for social-distancing activities? Large, open green spaces are in higher demand than crowded downtown spaces.
If you’re having trouble determining what features are desirable in the current environment, talk to your realtor!
Price your home realistically
Although you should not take a loss on your home, you also should not expect to receive a 30%+ offer over the market value of the property. The Canadian housing market has returned to stable numbers, but that doesn’t mean potential buyers are ready to stretch their wallets too far. With many families tightening their pockets due to layoffs, suspensions, and overall job instability, fewer buyers will be ready to spend extra. Take a look at similar properties in your area. This should give you a good range of the market, and after determining what sets your home apart you can set your price point. Price your home realistically, and prepare for few (if any) offers over list price.
Narrow Down the Pool of Buyers
Your pool of interested buyers will be much larger than the pool of high-value prospective buyers. Create a process for vetting potential buyers so you know who is legitimately interested versus the tire-kickers. Some key pieces of information to ask for:
-Proof of loan approval
-Previous renter or owner’s history
Work with your realtor on crafting an effective resource for weeding out undesirable viewers to save yourself time and protect yourself during the pandemic.
In today’s state, the most powerful tool to find home buyers is through your virtual online marketing. The online world of real estate is where most buyers start their search, and that has only been amplified by the pandemic. There are multiple facets to online real estate marketing.
-Top-notch photos: This is crucial for attracting buyers. Hire a professional stager and photographer to capture the key points in your home. This ensures that your home will be presented with the top features highlighted with the best lighting, props, and angles.
-Listing Descriptions: Because there are fewer in-home viewings, your listing descriptions must be detailed, accurate, and powerful. Although the photos are what initially attracts prospective buyers, the details will really convey what your home has to offer and what sets it apart from other properties.
-Virtual tours: People are less likely to book an in-person showing with social distancing regulations. A virtual tour is a great way to showcase your home as close to a live viewing as possible. Like your staging photos, you’ll want to hire a professional to capture the virtual tour!
Your online marketing will be one of (if not THE) most valuable investment on selling your home.
How Sweetly Can Help
At Sweetly Real Estate, our unique system of real estate is 'pandemic-approved' to get your home sold and get you on to the next chapter of life. Our agents are experts on marketing properties to highlight everything that Edmonton has to offer, as well as picking out high-value details.
Sell without showings when you work with Sweetly, and keep yourself and your loved ones protected in the midst of the COVID-19 pandemic. To work with our team and be sold without the showings, fill out our home evaluation form or reach out to Sweetly directly at 780.477.9338.