The real estate market was hit hardest by coronavirus in March and April and has now begun to rebound, creating a seller’s market in Southern California thanks to a low supply of housing inventory and high buyer demand. Now is the best time to sell for most homeowners who want to capture top dollar for their property as SoCal home values have continued to rise despite coronavirus.
But how do you host safe home showings amid the pandemic? The answer is with the proper precautions and safety guidelines outlined by the California Association of Realors®.
Overwhelming Buyer Demand
As quarantine has kept everyone indoors for the past four months, American mindsets are shifting to recognize the true value of a home in these unprecedented times. And historically low rates are fueling record mortgage applications as the pent-up demand from a paused Spring real estate market is now exploding. Enticed by low rates and the increased buying power it brings, homebuyers are hungry for more inventory.
Not only are buyers looking to purchase, but they are also eager to view homes for sale. According to a recent study from the National Association of Realors®, a majority of house hunters (65%) who attended an open house within the last year would do so now without hesitation. For most homeowners now is the most financially opportune time to sell and capitalize on the growing buyer demand to get multiple offers and sell for top dollar. With lots of precautions and lots of buyers, today’s real estate market is certainly unique.
So how can you responsibly list for sale and show off your home? Follow these guidelines.
Safe Home Showings Guidelines
At First Team Real Estate, our agents are practicing private and safe appointment-only showing tours to help home sellers accommodate as many interested buyers as possible. “Open Houses” on a walk-in basis are prohibited, but showings can safely and easily be set up by appointment or a digital sign-in process prior to entry including completing a PEAD form.
PEAD-S: This is a one-page form that the seller or occupant must sign stating they understand the risks of allowing people into their property. Your agent should have you fill this out as soon as you decide to list if you plan to allow private and safe showings by appointment.
PEAD-LR: This is a two-page form for landlords and tenants to sign, specifically. If you are allowing anyone including clients, vendors, and other professionals into the house, you need them to sign this form describing the risks.
PEAD-V: This two-page form is for ANYONE entering your property. It sets up many of the rules they need to follow. Even if a person has been in the property before and this is a repeat visit, the form is required to be filled out each time. Your listing agent should have several of these forms on-hand for each showing on your property.
Proper Precautions Posted
Real estate is an essential business so when viewing a home, the same social distance guidelines and mask requirements apply just like trips to the grocery store. Required by law to be posted at all properties for sale, this flyer covers all rules that must be followed including masks, hand washing, gloves, social distancing, and proper disposal of trash.
Virtual Solutions – If you still aren’t comfortable with buyers touring your home by appointment, it is possible to sell your home 100% virtually. High-resolution photography, video, and 3D tours show your property in its best light to increase buyer interest and create an emotional connection, without having to visit in-person. Virtual open houses can also be held on Facebook and Instagram to allow large groups of interested buyers to view your home at once with minimal interruption to you and your life. These virtual open house broadcasts can also be a great way to allow potential buyers to ask questions in real-time.
Trust Us, We’ve Done This Before
First Team Real Estate has helped more buyers and sellers safely navigate the real estate market amid the pandemic than any other real estate company in Orange County. During quarantine, our agents never stopped helping their clients buy and sell homes. As a result of their hard work and dedication, Southern California residents have been able to continue achieving their real estate goals.
These numbers represent the first three months of quarantine, and the data shows that through June 2020, our agents are continuing to serve more clients than our competition with a total of 1,213 in sales units*. Successfully closing your home sale during the pandemic can seem daunting, but when you have the right team of professionals guiding you through the process, it’s easy to take advantage of today’s hot seller’s market.
*All reports are published July 2020 based on data available from 03/01/20-06/30/20 for Orange County, CA. © Trendgraphix, Inc. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. © First Team® Real Estate. All rights reserved. This is not intended to solicit a listed property. If your property is currently listed for sale with a broker, please disregard.