Multiple industries have been hit hard by the COVID-19 pandemic. Real estate is no exception. While it’s still possible to buy and sell a home in Ohio, some home owners have chosen to postpone the process until shelter-in-place orders are lifted and life returns to something closer to normal. If you’ve found yourself in such a position, use the extra time to attend to serious selling preparation. Prepared sellers typically command higher prices for their homes.
Find a Professional Realtor and Ask for Feedback
Take plenty of photos or create a virtual tour of your home for a professional Realtor. He will offer honest feedback on what buyers are currently expecting in a home purchase and how you can address the top list items that should be altered, fixed, updated, or replaced. Your agent will create a Comparative Market Analysis that shows what similar homes of the same condition are selling for in your area. If your selling timelines extends beyond thirty days, your agent will update pricing recommendations based on the market conditions at that time.
Make Repairs and Replacements
Patch up holes and gashes that have gone overlooked. Repair broken railings, fences, and leaky faucets. Clean gutters. Give worn out rooms a fresh coat of paint, and repaint the trim. Focus on updates to kitchens and bathrooms. If the hardware on cabinetry needs updating, that’s something easy you can replace yourself. This is the time to start crossing off the to-do list. One feedback phrase that will always bring down offer prices is “deferred maintenance.” By addressing as much of the home as possible, you’re putting your best foot forward and showing a well-maintained home.
Remove Clutter and Donate
Create a schedule that addresses one room at a time. Get rid of all the excess clutter in corners, on shelves, and in closets. Donate items that you no longer use that are in decent condition for someone else.
Gather Appropriate Paperwork
Buyers will appreciate having everything they need from the moment they express interest. That means you’ll want all of your paperwork together on any work permits for past renovations, home warranty documentation, land surveys, tax bills, and utility bills. Condo owners will need all home association documents. You’ll also need to fill out a Property Disclosure form that requires you to list information about repairs done or not done on things such as the heating and cooling system, roof, basement, foundation, and any type of water leak.
For yourself, ask your mortgage holder for your payoff amount. Although this amount will change daily, knowing the loan balance, applicable interest, and prorated property taxes helps you determine how much you will profit from the sale.
Create Curb Appeal
Although spring is usually the peak buying and selling season, the pandemic is probably pushing out sales over time throughout the year. Still, you can use spring and summer to your advantage by working on low-maintenance landscaping and an exterior coat of paint. Get the most benefits from spring by photographing the outside of your home on a sunny day. The exterior photo will most likely be the one that determines online clicks for your listing.
Keep the Home Clean
You’re probably already being more careful about cleaning surfaces, doorknobs, and handles more often than usual during the pandemic. When it comes time for showings, make sure that you’ve given the entire home a deep clean. This includes showers, baths, toilets, kitchen appliances, floors, carpet, shelves, ceiling corners (for cob webs), window sills, and baseboards.
Stay Positive and Realistic
Living through a pandemic has up-ended everyone’s lives in some way. Remember that people still need to move for all sorts of reasons. When the worst is over and you decide it’s time to get your home on the market, buyers will notice the extra effort you’ve shown in how you’ve cared for the home. Keep tabs on selling conditions and pricing along the way and be flexible to adjust to market ups and downs.
Real Estate Term of the Week
Deferred Maintenance: The practice of postponing maintenance activities such as repairs on real property (i.e. infrastructure) in order to save costs, meet budget levels, or realign available budget monies.