Tips for Buyers and Sellers in the COVID-19 Real Estate Market

Sellers

• Be realistic when setting the list price for your home. Now is not the time for aspirational prices. As of 4/25, the growth in pricing had slowed, but not dropped. We don’t know if home values in Ponte Vedra Beach will continue to hold firm as layoffs and foreclosures begin to hit our market.
• Make sure your home is in tip-top shape before taking photos. You should insist that your agent use a professional photographer and use very high-quality photos in the MLS, since this is where buyers will first see your home.
• Consider virtual showings and virtual open houses. Your agent can create a 3D virtual tour to help buyers understand the layout of your home before they even come in.
• Request all buyers are prequalified before scheduling showings. Now is not the time for “tire kickers”.
• Be prepared for fewer offers on your home because the market is uncertain.
• Be flexible as there have been many changes to the way appraisers, inspectors, and closing companies are working in order to protect all parties.

Buyers

• Anticipate a smaller pool of homes for sale. New listings plummeted 43.1% nationwide by the end of April and the total available of homes for sale was already low.
• Expect to need more pre-qualification documentation before the home buying process begins. Sellers want to make sure you are a serious buyer before they allow you into their homes.
• Try not to include children and other family members when scheduling appointments. Many sellers are anxious about having people in their homes, so only key decision makers should attend showings.
• Be patient, you might encounter mortgage approval delays and changes to the appraisal, inspection, and closing process.
• Benefit from lower interest rates.Thirty-year mortgage rates fell to an all time low at the end of April.