Could Coronavirus COVID-19 be a good thing for Shadow Home Sellers?
Are you a homeowner who was thinking of putting your home up for sale "prior" to this COVID-19 Coronavirus pandemic, but decided to wait until these stay-at-home mandates are over? Truth be told, you are not alone in regards to those thoughts.
All homeowners who are going to ride-out the pandemic and are absolutely going to put their homes up for sale afterwards are in a Real Estate category that is called "Shadow Inventory"... meaning that your home is not officially "on the market" but very soon will be. If you are in that situation, it can be looked as ... that you are out-there but not out-there or you are-in but not-in :)
So with this COVID-19 Coronavirus that is "Looming" over every neighborhood, along with the stay-at-home orders, then in many ways this stay-at-home mandate could be good for a potential seller (ie: the shadow inventory homeowners). How could that be you may ask? Because if you are in the category where you cannot go to work, then now is a great time to take a good look around your house and fix those issues that you know are there but you have never really had the time to do those repairs.
Whether those repairs may be small or large issues, trust me - the contracted buyer's home inspector will notice them and will "call them out" in his/her inspection report and guess what?... the buyer may request you, the home seller, to fix all those items that you have been putting off and now you see them listed in the home inspection report. So since you know that you are going to list your home soon, then take advantage of the time you are at home and fix those issues you know of to a point where the home could potentially be advertised with a statement saying "pride of ownership".
If you are in a position to take-on larger projects, rest assured that the completion and quality workmanship will certainly have the potential to increase the value of your home. Think about this, your home may have increased in value based on the work you have put into it...all while you were adhering to the stay-at-home mandate - how awesome is that potential increase?
OK, OK I'm not necessarily talking about re-doing the Kitchen and/or re-doing the bathrooms but there is nothing saying not to do it if you can afford it and have the time. What makes an immediate impact is painting the interior, cleaning the windows, make sure all doors & windows close and lock properly, re-flooring (carpet, wood flooring, or water-proof floor panels that look like wood). Painting the Exterior has been proven to increase the value of a home for obvious reasons (ie: think curb appeal). Do not forget the front & back landscaping: simply put, make sure you trim all and make it look "cared for" and presentable.
So there you go, a little advice from Oscar Castillo. To recap my above content: if you are going to sell your home shortly after this looming Corona virus pandemic is over, then take advantage of the time that you are mandated to stay-at-home and do some work to "spruce up" your house so that it can be ready and be very appealing to buyers. Then hopefully they will make a purchase offer rather quickly.
There is a lot of do-it-yourself (DIY) projects that I know you can do and as-you-know, you are only going to get "one chance" to make a first good impression on potential buyers that are going to come through your house to view.
An awesome first impression will more than likely compel that buyer not only to make a purchase offer, but to make their offer slightly above the listed price in order to out-do and cut-off the competition.
Well, my hope is that I have given you something to think about and what you could possibly be doing while you are at home and while you are waiting to put your home up for sale until this COVID-19 Coronavirus pandemic has passed.
So could this pandemic be good for the "shadow inventory" home seller? Absolutely yes, that is if you heed the advice to spruce up your home while at home with the end result that could possibly increase its value !!! ... I'm always available to answer any questions you may have. Feel free to contact me anytime.
Please stay well, be safe and stay healthy... together we all will get past this pandemic.
Oscar Castillo : BROKER - REALTOR®
Please contact us if you have any questions or comments.