The COVID-19 pandemic has certainly upended the lives of people everywhere and caused everyone to adapt to a “new normal”. The real estate industry has not been spared. In the first few months after the pandemic hit the US, home buying and selling activities came to a virtual standstill. However, just a few months later, the market in many parts of the country, including in Orange County, is showing strong signs of bouncing back.
A quick look at the Orange County real estate market
As of the end of July, 2020, home sales in Orange County were up 38.7% from June, 2020, and up 6.7% from July, 2019. The average house price also increased by 6.3% from the previous year. However, inventory is at its lowest for July since 2004, and dropped by 34% compared to July, 2019. As the demand for homes continues to rise, apparently driven by historic interest rate lows, the market is now considered to be at its hottest level since 2012.
If you decide to put your home on the market today, there’s a huge chance you’ll see a bidding war, which can lead to an excellent profit.
Selling your home in Orange County during the pandemic
Real estate has been deemed an essential service in California, so home buying and selling activities may continue. But with the pandemic still raging, it’s still far from business as usual. The state has imposed guidelines and regulations that Realtors, buyers, and sellers must adhere to. In addition, many buyers are still wary about going out to look at homes for sale.
With this in mind, here are some of the things to consider in selling your home during the pandemic:
- Make use of technology to market your home
With shelter-at-home and social distancing measures in place, people have turned to the internet to connect with the outside world and continue to get things done. It’s no different in real estate. Open houses have practically become obsolete. In its place, virtual home tours have taken over, allowing buyers to take a closer look at properties for sale from the safety of their own homes.
Other tools that buyers find useful in online home shopping include detailed neighborhood descriptions, high quality listing photos, and agent-led virtual home tours.
With so much hinging on these online solutions, make sure to use only high quality materials produced by experienced professionals. Put yourself in buyers’ shoes and imagine what you will need to know and see, then try to provide these as much as possible.
In-person home showings are still inevitable as most buyers still want to inspect a home up close before closing a sale. However, you can use virtual tours to limit showings only to those who like what they see from the virtual home tours and want to take the next step.
- Observe state guidelines in home showings
In-person showings must comply with the guidance and regulations set by the state of California, as found here. These include:
- Clean and disinfect the property, particularly commonly used surfaces like door and cabinet handles, keypads, light switches, sinks, and toilets, before and after every showing
- Provide hand sanitizers, disinfecting wipes, soap dispensers, and other disinfecting supplies to visitors
- All parties in the home showing must wear face coverings at all times. You or your agent should make these available to buyers who may not have brought their own.
- A distance of six feet between persons must be observed at all times
- Ask buyers to avoid touching any surface as much as possible
- If the weather permits, all doors and windows must be opened during the showing
- Work with an experienced real estate agent
In these extraordinary times, you need the guidance of a real estate expert more than ever. An experienced Realtor would have gone through all kinds of market conditions and knows best how to navigate each one. While the pandemic is unprecedented, a veteran agent can leverage their extensive knowledge and experience to find the best solutions for you in this difficult period.
In addition, Realtors are required to take the lead in ensuring compliance with the complex and changing guidelines in real estate transactions today. You don’t have to deal with these nuances on your own and let your agent do most of the hard work for you.
Sell your home with confidence during the pandemic with the Cordova Real Estate Group
With over 50 years of collective experience, we can help you navigate the complex Orange County real estate market today and close a successful sale. Call us today at 949.858.0405, or send an email to marianncordova(at)gmail(dotted)com.