04. Selling Your House During the Coronavirus Scare

Spring is often the start of the best time to sell your house in Maryland and across America. However, with the coronavirus should you even bother listing your house for sale? Would it be better to wait until next year? What is the coronavirus and how will it impact the sale of your house?

What is the Coronavirus?

According to the World Health Organization, coronaviruses are, “… a large family of viruses that may cause illness in animals or humans. Coronaviruses are known to cause respiratory infections. These can range from the common cold, to more severe diseases, such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). The most recently discovered coronavirus causes coronavirus disease COVID-19.”

Impact and Spread of the Coronavirus

Approximately 18 U.S. states have been affected by the coronavirus (COVID-19) to date. Washington state has experienced the first death in the U.S.A. from the coronavirus. According to the CDC, the coronavirus is spread through respiratory droplets produced when an infected person coughs or sneezes. These droplets land on objects and surfaces around the person. Other people then catch COVID-19 by touching these objects or surfaces, then touching their eyes, nose or mouth.

Coronavirus – Recommendations by the World Health Organization

Many stores have sold out of face masks and hand sanitizers. Many states are beginning preparations for quarantine. Individuals are being encouraged to buy large quantities of shelf-stable food in case stores are shut-down. There are many other things you can do to prepare and help prevent the spread of the coronavirus.

The World Health Organization recommends the following precautions in keeping yourself safe from the spread of the coronavirus:

  • Regularly and thoroughly clean your hands with an alcohol-based hand rub or wash them with soap and water.

  • Maintain at least 1 metre (3 feet) distance between yourself and anyone who is coughing or sneezing.

  • Avoid touching eyes, nose and mouth.

  • Make sure you, and the people around you, follow good respiratory hygiene. This means covering your mouth and nose with your bent elbow or tissue when you cough or sneeze. Then dispose of the used tissue immediately.

  • Stay home if you feel unwell. If you have a fever, cough and difficulty breathing, seek medical attention and call in advance. Follow the directions of your local health authority.

  • Stay informed on the latest developments about COVID-19. Follow advice given by your healthcare provider, your national and local public health authority or your employer on how to protect yourself and others from COVID-19.

Coronavirus: What We Know

According to the NY Times, approximately 100,000 cases of the coronavirus have been reported with approximately 3,000 deaths worldwide. It can be a scary time to try to sell your house when the nation is considering the nationwide impact of this worldwide crisis. The current reported death rate of those who contract the coronavirus is approximately 2-3 %. This means 2 to 3 people out of every 100 people who contract the coronavirus will die from the virus or complications that result from it, such as a secondary infection like pneumonia, due to a weakened immune system.

Due to the coronavirus outbreak, certain stocks have dropped in value. Though, it has not had as significant of an impact on real estate sales. Many people still are hesitant to leave their homes unnecessarily to go to open houses or view homes they may be interested in purchasing, particularly if those houses are outside of their current neighborhood. The CDC and World Health Organization advise individuals to stay home if they feel unwell to avoid contracting further illnesses or spreading your illness to others.

You Can Still Sell Your House

Whether you need to sell your house because you are moving or you need the money for something else, follow a few guidelines and you will be well on your way! Whether you choose to sell your house to an investor or list it on the MLS with a realtor, there are many things you can do to ensure you still receive top dollar despite the scare that the coronavirus has created.

How do you sell your house in Maryland fast (or any state in the country) when folks are buying all of the face masks, hand sanitizer, and not showing up to open houses? Well depending on your home selling budget and situation here are some tips:

  • Have agents showing your house to potential buyers to take precautions to protect themselves and you and your family from any potential spread of flu viruses. This can include frequent handwashing, keeping air purifiers running, and wiping solid surfaces with anti-viral wipes before and after showings.

  • If your budget allows, have your agent spring for a 3-D walkthrough video of your home. This option is best left for homes that have been newly remodeled and show well as they are quite pricey. However, they can be an excellent option for minimizing the number of potential buyers physically needing to tour your home.

  • Declutter! This can be done by selling your unused items in preparation for the move or putting your belongings into temporary storage.

  • Renovate and make necessary repairs. Having your home “ inspection ready” will help make your home stand out from the rest and speed the home-selling process.

  • Price your house attractively. Listing your house for just under what comparable homes have sold or are listed for will drive a lot of interested buyers your way. You may even find your house in the middle of a bidding war and receive an over-asking price for your house.

You Can Sell Your House Fast, With Extra Precautions

There are many things you can do to get your house in Maryland sold quickly. Many of the suggestions for selling your house in Maryland will work in any state, such as thoroughly cleaning and decluttering your home.

Want to know another benefit to selling your house during the coronavirus scare? If others are delaying listing their house, there will be fewer houses for yours to compete with! Meaning you are more likely to obtain a full-price offer during this time.

Additionally, mortgage rates are dropping when normally they would be rising at this time. This means that buyers who are willing to brave the outdoors to view your home will have higher purchasing power than they would when mortgage rates are high. USA Today reported that the “30-year fixed-rate mortgage dropped to its lowest level in more than seven years last week.”

This is a great sign for those who are looking to sell their house and purchase a new one!

Do you plan to list your house now or wait until the coronavirus scare has passed?

Comment below to let us know!

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