The COVID-19 pandemic has certainly caused confusion and uncertainty everywhere. Many businesses have closed and travel has come to a grinding halt throughout Australia and the world.
Amidst all of this, our everyday lives must go on – even though it might be in a different way. We have investments we might need to cash in and properties we may need to sell all due to the changing circumstances of our businesses and employment situation.
Many people I’ve spoken to are asking me this question, “Should I be selling a property during COVID-19?” The answer is YES. In fact, we are still listing and selling properties and getting great results for our clients.
As with other industries, the real estate sector has had to make quite a few changes to the way we operate. Let’s run through a few of the steps involved with selling a property during COVID-19.
More reliance on remote or virtual meetings
If you decide to sell your property, the first step is to obtain an appraisal from a professional local agent.
Most of the information you give to the agent will now be done over the phone so the agent can get a clearer picture of what your property is all about. The agent will take into account the age of the property, condition and any improvements you have made.
The more information you give the agent, the more accurate the figure will be.
Organise a time to view the property
Next, the agent will prepare the appraisal and make a time to safely view your property and to go through the information with you, maintaining social distancing and using anti-bacterial solutions prior to the visit.
The information the agent provides would include marketing information and the protective strategies that would be in place during inspections. All potential buyers would be asked several important questions prior to inspections such as:
- Do they have a fever or flu-like symptoms?
- Do they have any difficulty breathing?
- Have they recently been overseas?
- Have they been in contact with anyone diagnosed with COVID-19
Open home restrictions
Open homes in Queensland may be conducted with a maximum of 6 people including the real estate agent (or the owner/s) inside the building at any one time, with no more than one person per 4 square metres.
Many owners are opting for individual one-on-one viewings with sanitisers and anti-bacterial sprays used before and after all inspections.
Closely monitoring guidelines
At Elanora Realty, we’re closely monitoring all the mandatory and recommended directives affecting the real estate industry.
Selling a property during COVID-19 has changed the way we market property. Marketing has become even more digitally focused with virtual tours, videos and live stream inspections becoming very popular.
Virtual auctions are now the norm with social distancing at on-site auctions becoming more difficult to control. However, auctions clearance rates have dropped dramatically over the past 6 months with most vendors now opting for private treaty sales with individual inspections.
Take a look at our comprehensive marketing information pack to learn more.
Buyer interest
At this point in time, the market is still very active with less competition from other property sellers.
Buyers are enjoying record low interest rates and more time to house hunt. At the moment, sellers are getting their top prices due to buyer demand and fewer listings.
The Reserve Bank has cut the cash rate to a record low of 0.25%. And many banks have already passed on the full rate cut to their home loan customers, including all four major banks – ANZ, Commonwealth Bank, NAB and Westpac.
With the RBA promising to hold this cash rate until significant rises in employment and when inflation is within the 2-3% target band, interest rates are expected to remain low for quite some time. (RBA)
The Australian economy is well-positioned to ride out the storm
While it’s inevitable we’re heading for some uncertain times, we’re in a more resilient place than many countries to steer our way through this crisis. As RBA Governor Lowe said “Australia has a strong financial system which is well placed to provide the needed support to businesses and households.
First home buyers are coming back!
Thanks to the new Australian government first home buyer scheme, increased financial support and all-time low-interest rates, there will be many first homebuyers still in a strong position to buy. If your property is suited to this target audience, you could have a strong incentive to sell.
Should I wait to sell my home until after COVID-19 has passed?
Australia’s property and housing markets have normally fared well during economic shock. Share market extremes, losses and recessions are not necessarily forecasters of property declines.
Selling a property during this COVID-19 event has changed the industry that’s for sure, but, during this tough time, we want to reassure you we’re here to guide you at every point.
The Gold Coast real estate market is still extraordinarily buoyant so you can be assured of a great result.
Ask us about our marketing guarantee.
Other helpful articles can be found on our website.
