Buying and Selling a Home During COVID-19

Buying or selling a home can be a lengthy process at any time. Doing so during a global pandemic presents some unique challenges. The local real estate market is booming; so it is important to find a REALTOR® who can effectively help navigate the process during COVID-19.

If you want to buy or sell a home now, it helps to be aware of new real estate practices so you will know what to expect. Partnering with a Marx-Bensdorf agent can help you determine the best course of action.

Should you buy or sell a home during the COVID-19 pandemic?

Some buyers and sellers are anxious about starting the process right now. Sellers may be afraid they won’t get a desirable price for their home or be able to sell it at all. Buyers may fear they’ll miss out on a home due to competition for the limited number of homes for sale. The pandemic has created uncertainty, but facts tell a different story. Reports show incredible sales activity nationwide, across the Mid-South and in our Memphis metro area.

The U.S. Census Bureau reported a 7% increase in single-family homes sold in June 2020 compared to June 2019. Locally, the Memphis Area Association of REALTORS® released data stating the median sale price in July 2020 finished at $193,000, a 12% jump from July 2019. Similarly, the Mid-South saw a 2% increase in the number of homes sold in the Memphis area in July 2020 compared to July 2019. With professional guidance, now could be the best time to make your move in the real estate market.

How does social distancing affect buying or selling a house?

To help contain COVID, we are all aware social distancing, masks, and sanitizing hands are important. You may wonder how it affects buying or selling a house. In the past, sellers, buyers, and agents toured homes and discussed opportunities in person. The pandemic has changed that process a bit. For some, tours are now virtual. And, more of the listing and buying activity is done remotely with the aid of technology. Our agents are ready to help you sell, buy, or both, utilizing procedures that help protect the health of all involved.

What are the benefits of the current real estate market?

Many homeowners are pleasantly surprised when we report the positive metrics of the current real estate market. In fact, the impressive market numbers may positively affect the price for which you can sell your home.

Consider these three factors:

• Homes are selling quickly

• The number of homes for sale is low

• Buyer competition is high

Homes are selling fast because there is a high demand and a low supply. In other words, it’s a seller’s market. Competing listings for a new listing are common, and many of the offers are above list price. For sellers, this can be an ideal time to list.

3 Tips for Buying and Selling a Home During COVID-19

If you are interested in buying or selling a home during the COVID-19 pandemic, we’ve put together a few tips that may help in the process.. Alongside professional guidance from expert real estate agents, these tips will help you prepare and navigate the process in today’s world.

1. Be prepared for a unique process.

From social distancing measures to virtual meetings, your home buying or selling process will likely be different from any of your experiences in the past. Your Marx-Bensdorf agent will help support you each step of the way, helping to alleviate stress while guiding you in making informed decisions.

2. Take advantage of curb appeal.

In a virtual world, it is imperative to leverage your home’s positive aspects and appearance. With COVID-19 keeping us home more than normal, you may find yourself with extra time. Use it to make small repairs such as tidying up the lawn, painting the front door, and filling the flower boxes. Though you may not have homebuyers physically in your house, keep your home ready to show – even if potential buyers are just driving by.

3. Work with a real estate agent.

The number one rule of thumb, when it comes to buying or selling a home, is to work with an experienced, professional real estate agent. With paperwork requirements and difficult decisions to make during the process, we are here to make your life easier. Working with a real estate agent can help you negotiate more effectively, and relieve some home buying or selling stress.

Buying and Selling Your Home with Marx-Bensdorf, REALTORS Ⓡ

We understand your concerns when trying to buy or sell a house during the COVID-19 pandemic. With sales prices increasing and sales activity consistently rising, now could be just the right time for you to buy or sell a home. We are here to help you every step of the way. Contact us today for a hand-selected agent who will customize the process to meet your needs.