Updated: Mar 30, 2020
We understand there is a lot of uncertainty over our current situation and many sellers are asking if now is the time to take their home off the market. If your goal is to sell your home this year, there are many reasons why being listed now is the right decision.
The Local Market is Still Working
Our area enjoyed a strong start to the spring market and while we are now a week into the Governor’s Shelter-In-Place order, there has been no significant signs of it slowing down. We are still seeing new listings every day and homes are going under contract at a promising pace. Offers are being made and successfully negotiated, and closings are still happening. While some sellers have taken their homes off the market we are seeing that buyers are out there buying. It seems that sellers are the ones that have put the brakes on, so if you are looking to sell in 2020, being listed now is the best way to make that happen.
Changes Have Been Implemented to Help
The National Association of Realtors has issued the new “COVID-19 Addendum” to be used with purchase contracts. It protects both buyers and sellers in the event of extended delays.
Additionally, changes to our MLS have also been implemented to help sellers during this unpredictable time. Sellers are no longer required to show ACTIVE listings. If a seller isn’t comfortable with in-person showings for the next several weeks, their agent can add this information to the listing description for other agents to see. This information will help other agents better understand market time for your listing. A buyers agent will explain what it really means.
Listings moved to “TEMP” (Temporarily Off Market) status, will not accrue market time at all but sellers should know that TEMP listings will not show up in searches for ACTIVE listings and may not be visible on some home search portals. These changes to the ACTIVE status in the MLS allows sellers to stay visible to potential buyers while also controlling when people are allowed to enter their home and reduces the negative perceptions of longer market times.
Online Activity Is Increasing
Another reason for sellers to keep their homes active is that people are spending more time in front of their screens since the shelter in place order has taken affect. An active presence on home search portals, social media, and through direct-marketing campaigns are just a few ways our realtors can ensure you are reaching these buyers. Staying in front of homebuyers during this time will only benefit sellers when these buyers re-enter the market.
Things Will Get Better & Buyers Have Deadlines
We don’t know exactly how long this crisis is going to last, but we do know it will end. When it does the buyers will be back and their deadlines will be that much more pressing. Many buyers out there simply have to move in the coming months. They are actively searching online, viewing homes via virtual tours and communicating with their agents and mortgage brokers. These buyers will re-enter the market as soon as possible and when they do they will be ready to make an offer. Will your home be one they have been considering? It will be if you maintain an active listing.
Give us a call to learn more about what safety precautions we have implemented and how we can help you maintain a presence in the market to successfully sell your home.