Modifying Strategies For Uncharted Territories
While we may not have a cure or vaccine for COVID-19 yet, we do have the ability to change or control other aspects of our lives in conjunction with this new obstacle. Your goals—whether to buy or sell your home, lose weight or gain muscle, read more and watch TV less, write more personal notes and fewer texts, or to relocate to your dream mountain home—shouldn’t change for 2020. Rather than give up entirely, consider re-strategizing and adjusting to achieving those same goals.
If, for example, you were planning on purchasing property in 2020 prior to COVID-19, there are still opportunities for you. While nobody can determine what the long-term effects of COVID-19 will be on the housing market, there are many certainties that we do know: (1) the Rocky Mountains will never close, (2) the wonderful community we have in the Roaring Fork Valley has never been stronger, (3) the fresh clean air and outdoor activities are abundant, (4) there is new demand from buyers moving to the Valley to escape larger cities, and (5) mortgage rates are at a historical low. If you are considering buying, please reach out to Engel & Völkers to understand your personal situation and together, we can determine how to achieve your goals.
Should you list your property on the market during COVID-19?
If you have been wondering whether or not you should try to sell your home during the COVID-19 period, there are many factors to consider, some of which include understanding the value of your property, and the levels of inventory and demand in your price point. What is unquestionably inarguable is to promote safety and health through the entire listing and sale process.
What does the process of listing your home look like during COVID-19?
If your property is not on the market yet, now is the perfect time to reach out to your trusted real estate advisor for a home evaluation and to discuss if it is the appropriate time to sell. The ability to have a video consultation with your phone will allow us to see your property without actually going inside. We will also perform our own pricing evaluation based on our innate market knowledge of recent on and off market sales, your homes’ features, and the current inventory and demand.
Once a recommended asking price is established, a listing agreement will be drawn up in advance leaving the activation date blank for the time being, but at least you’re poised to launch the listing on the open market as soon as the time is right for you. Additionally, this is the perfect time, while at home all day, every day, to do everything you need to prepare your home for showings. This includes decluttering, staging, cleaning, doing repairs, painting, refinishing, and working on the front-entry curb appeal.
As part of our new COVID-19 listing strategy, we highly recommend video and/or 3D virtual tours of your home, and if it is vacant, we can do virtual staging. This will yield you much more exposure for out of area, and even local buyers who may not feel comfortable being in public yet, as they can view the property in its entirety from the comfort and safety of their own homes.
In summary, the following are other reasons to list now or keep your property on the market:
(1) Many homeowners have realized they want a different home to spend time in during this extended COVID-19 period. They want to upsize, downsize or move neighborhoods.
(2) We are seeing more demand from new out of area city buyers wanting to relocate to rural areas.
(3) Consumers are generally online all day and all night, now surfing real estate websites, and you want to be a contender among other properties on the market.
(4) Properties could potentially take longer to sell if they are in less demand or at a higher price point because buyers can be tentative about investing due to job losses or pay decreases.
(5) While nobody, even economists and statisticians, have a crystal ball, if the economy worsens later this year and you can sell this summer before that occurs, then you may be able to achieve a higher price now instead of waiting.
(6) Mortgage rates are projected to continue to be at historical lows over the next several months which could incentivize buyers in every price point to invest now.
We look forward to speaking with you and assisting you with whatever your real estate goals may be.