With the pandemic holding us back from returning to our old ways of life, many are left wondering how COVID-19 will affect the DC housing market. Homeowners looking to sell their current homes are unsure if they’re even able to sell during these times.
Although the pandemic has had a negative effect on other housing markets, Washington, D.C.’s housing market has seen a positive effect. Remember, D.C. is home to several high-paying government jobs and has seen an increase in jobs in the technology field as well.
If you’re concerned about selling a home in Washington, D.C. during these hard times, then there are a few questions you should ask to give yourself some peace of mind and a better understanding of the new normal. Continue reading below for a list of questions you should ask before selling your home in the DC area.
1. What’s DC’s Market Condition?
A question you should always ask before selling or buying a home is, “what’s the condition of the current housing market?” When there’s a pandemic amongst us, however, this question becomes even more crucial.
Know the current trends in the housing market, including what homes are selling for and what you can expect from your own sale.
When the pandemic hit, there was a decrease in the number of homes listed for sale on the market. Fewer people are wanting to sell right now due to safety concerns. This doesn’t, however, affect the number of people looking to buy.
Buyers are still looking to buy and houses on the market are selling faster than the year before. Interest rates are down, attracting buyers, and the median selling price has gone up.
2. How Can Technology Help Me Sell?
Although buyers are still needing to buy homes, due to changes in job locations, a search for a better economy, or something else, they are remaining cautious. Buyers want ways to see your home and purchase it while remaining as distant as possible.
How can you sell your home without close contact with a buyer? Technology is your answer.
Virtual tours are a great way to show the buyer your house without having to be in-person. You should also work with an experienced photographer to take professional pictures of the house as well.
Use these pictures when listing your house for sale online. Don’t forget to use social media platforms as well. Friends and family will enjoy sharing your advertisement for you, and you’ll gain interested buyers via word of mouth.
Remote closings are another option that buyers and sellers can look into. Some areas are allowing remote closings as a temporary solution during the pandemic. Closings can take place over video chat.
Some signatures can be done electronically. If you work with a real estate agent, there are certain times when only the agents need to be present. Speak with your real estate agent about your options, as the ability to do this might rely on the lender.
3. Can I Still Stage My House?
Although there are several ways technology can help you sell your home without having to be face-to-face with the buyer, prepare to have buyers that’ll want to see the house in-person.
This should be expected since a house is a large investment and buyers will want to inspect it with their own eyes and do a walk-through. Because of this, you can still stage your house. Staged homes sell quicker and there are safe ways to do so.
Here’s what you should know:
- Provide hand sanitizer at the beginning and end of the showing
- Only allow the adult buyers (no children or friends and family) to attend the showing
- Make masks mandatory for all buyers and yourself
- Schedule appointments with no possibilities of overlapping
Improving safety measures will attract more buyers to your house, so be sure to let all possible buyers know you’re taking these safety precautions. List this information on your advertisements as well.
If more buyers are interested in doing a virtual tour, then you can even stage your house virtually. This type of technology will make it seem as though your house is staged, but there’s no actual furniture, but buyers will still get to see the potential your house has.
4. Should I Hire a Real Estate Agent?
Real estate agents are helpful when it comes to showing the property in-person to your buyers, but they’re beneficial in many more ways as well. Your agent can help you set up your virtual tours and virtual staging.
Your agent can also help you with your remote closing or help you stay safe while he or she deals with the buyers in-person. An agent can help you with safe home showing procedures and with negotiating and handling multiple bid offers at once.
The cost of hiring a real estate agent quickly becomes worth it as they’re there to help you sell your home during the pandemic.
5. Will I Be up Against Much Competition?
Fewer homeowners are wanting to sell their homes during the pandemic. This could be due to safety concerns or other reasons. What does this mean in regards to your situation?
Because fewer people are willing to sell houses right now, there are fewer homes on the market. This means less competition for your house. People are moving to the DC area for jobs and are attracted to low-interest rates.
When your house is one of the few homes on the market, multiple buyers will find interest in it, and it won’t last on the market for long.
Selling a Home in DC Among COVID-19 Is Possible
Selling a home during the pandemic comes with a few different hurdles than before, but with this knowledge, you can sell your home in DC without trouble. Keep this guide handy when placing your house on the market to ensure the best possible outcome.
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