The pandemic has changed a lot about life in general. For homeowners considering putting a home on the market, questions about how to do so safely are common. If you’re considering selling your Maryland home during this pandemic, here are some tips and tricks to help.
Maryland Housing Stats During the Pandemic
The pandemic has changed the housing industry, but things are moving in a good direction in Maryland. According to the Maryland Association of REALTORS, housing prices are up 9.7 percent over 2019, and inventory is low. This combination helps sellers because interested buyers are not finding enough properties to meet their needs. In fact, the current inventory is only enough to last 1.4 months.
Virtual Visits Are Critical
Even though inventory is down and prices are up, which indicates a seller’s market, selling during a pandemic is challenging. Many buyers are relying on online previews/visits rather than in-person appointments to see the home. Sellers need to ensure that their virtual listings showcase their house well because this may be the only way some buyers will see their property.
Additionally, many sellers are touring homes virtually. Real estate agents are using video tech to show homes instead of taking clients through them in person. Sellers need to ensure that their homes are staged to show well in this new format.
Open Houses Are Less Common
The open house is less common during a pandemic, but it’s not impossible. If you choose to have an open house, make sure your real estate agent gets addresses and phone numbers, and proper sanitation is utilized. Social distancing is also helpful, limiting the number of people in the home. Virtual open houses may be an alternative option.
Bidding Wars Are Possible
Because of Maryland’s low inventory availability, bidding wars are becoming common during the pandemic. Sellers who correctly price their homes can expect to see more than one interested buyer, and it is possible to have multiple offers, including offers above the asking price. Sellers should carefully weigh these offers and choose the most advantageous.
Houses Are Selling Quickly
Houses in this market are selling at a rapid rate. Because inventory is so low, homes have interested buyers within days of getting listed. This means sellers need to be ready to start taking offers and opening their homes for showings when they list their homes for sale.
Financing May Be Tricky
The coronavirus pandemic has hurt many people’s credit as creditors have tightened the belt and lowered credit limits or created more stringent lending requirements. This means buyers who are qualified with pre-qualified mortgages are ideal and may find themselves in a more favorable position when making an offer to buy a home.
The current housing market in Maryland is favoring sellers. Yet there are hurdles to overcome when selling during a pandemic. Enter the process armed with the right knowledge and information, and you will be able to position yourself for success.