Over the last couple of weeks, everything seemed to just freeze. But what happens to everyone who was literally in the process of buying or selling real estate and what should they do?
The last couple of weeks have been unprecedented, but not everything is bad news. In our business, we’ve seen many houses close and actually go under contract. We’ve also seen some contracts fall apart. We’ve seen buyers and sellers hold off during this time as to some people are just scared. So in this video, I want to walk you through what you can be doing pro-actively should you be in the process of buying or selling or were just about to. It’s not all bad news because, let’s be honest, you have some time now.
The first thing I want to walk you through is what you can be doing if you were planning on selling your house, because the truth is, it’s more than you think. How your house shows is everything. So, the number one thing I would do is take time to declutter and remove all that junk. The more spacious your home is the better it shows. You might also want to take on a couple of DIY home improvement projects to get your home ready for the sale once everything gets back to normal. Here’s what I would do. Declutter, purge, and pack everything you don’t use on a regular basis. This means all rooms and don’t forget about closets. Pack all your season clothes not being used and items you haven’t worn in months. Remember, closets look bigger if they’re not jammed packed. Use your garage, shed or storage unit to put all packed boxes, large furniture pieces and items you don’t want buyers touching or requesting with the purchase of the real estate. A few examples would be paintings, mirrors, family heirlooms, and sentimental items.
Let’s talk about a few DIY projects outside and inside. Outside, you’ll want to focus on curb appeal. Pull weeds, trim tree branches, landscaping, plant some flowers. Power wash the driveway, sidewalks, porches, and house structure if needed. Don’t forget to clean your gutters and windows. Inside, you’ll want to do the little items you know need to be fixed. Come on, like that leak in the faucet or what about that new flapper in the toilet that’s been running? How about the cock in the kitchen and baths? Make sure to change air filters, batteries and all the smoke detectors and light bulbs that are out. Check doorstops, outlet covers, baseboards, and doors that are missing. Maybe you want to service major items like HVAC furnished units or appliances that will be conveyed. If the project is too big, this would be a good time to get a few estimates and offer a buyer allowance towards the repair.
Now let’s talk about people who were thinking about buying or also buying after they sell their home. First, if this situation hasn’t hurt you financially and nothing has changed for you, right now would be a good time for you to patiently wait for the right deal. One of the bright spots of this situation has been the effect on interest rates, as they are still extremely low. Now is a great time to buy and take advantage of the lower rates. The things I would be on the lookout for are, number one, if you don’t own a home and the current situation hasn’t affected you, start asking what you need to buy. Get all your ducks in a row now so you can take action to own your very own piece of real estate. Number two, if you already own a home and don’t have plans to downsize or upsize your current property, my advice is to look into refinancing your current mortgage.
On a serious note, I’ll post another video as I hear any community information posted. Please help support our small businesses in any way you can, in addition to the community as we band together. Stay positive and do something you’re going to enjoy. I hope I’ve helped you find a few ways to keep yourself occupied during any long stretching time at home, whether it be for shelter orders or some other reason. If there’s anything I can help with, please don’t hesitate to call.