Coronavirus: how you can still buy and sell your home
We may all be following social distancing rules under the coronavirus lockdown but that does not mean your property search or home sale is completely on hold.
Our own portal figures show that property sales are continuing since the start of the coronavirus restrictions, although lower than usual and sellers have not taken their properties off the market.
There is a slight silver lining in that cloud that we are starting to see: People have kept their properties on the market.
Having stock is really, really important to enable a bounce back once the market reopens. The number of new property sales agreed in the UK has fallen by 70% since the start of the coronavirus restrictions and the government's guidelines to moving home.
But in the second week of lockdown there was a rise in people browsing properties!
When you're stuck in a home you've outgrown, trying to work remotely while entertaining energetic children, that's exactly the time you decide you really need to make plans to move. We have seen an increase week on week and our lettings team are extremely busy with virtual viewings.
We tend to find with the lettings market - when people feel it’s not the right time to buy, they turn to renting instead.
Unprecedented times - but temporary
Although the property market was at a halt, we must remember that Covid-19 is temporary and we will recover.
We may even see the market recover with first-time buyers who realise they need their own space after being locked down with family or flatmates.
People have extra time to sit and trawl through our website. They may think about a move they have not had the time to consider before and some may even spend the time considering investment opportunities in the market.
Should I keep my home on the market?
It's really not such a bad time to be selling your home. With the majority of people stuck at home without much to do, many would-be house hunters are spending their time browsing for a new home online. So, if your home is already on the market there is no reason to withdraw it.
It's also worth noting that the government has not banned property transactions from going through. Instead, it has said that if the property being bought is empty, the sale can continue as normal.
It is only if the property is currently occupied that it is encouraging people involved in the transaction to agree an alternative date on which to move.
Can estate agents take on new listings?
Our physical offices may be shut but we are still open for business, working remotely from home. It may be difficult to work to our full potential with taking on new properties as the current social distancing rules mean we cannot visit to take photographs or measurements but due to the power of the internet some vendors are willing to do the videos and photographs themselves.
Don't let this put you off putting your home on the market, as soon as lockdown is lifted, our photographer will come out and take new photographs. Everything will be updated.
We are still be able to talk to you by telephone, via email or on facebook to advise you on how much we may list your property for,
we are also having similar conversations with potential buyers, so we are able to line up some interested parties to view your home once the lockdown is over.
Can people still view my home?
Assuming your home is already listed with us or another agency, we can continue to market it, but potential buyers won’t be able to view it in person until the current social distancing measures are lifted. That said, people can still get an excellent sense of what your home is like through doing a virtual tour. We have 360 degree walk through tours that we are sending to potential buyers.
We must stress that as much as we would love for physical viewings to take place, we are following the Welsh Government Guidelines which means physical viewings at the moment would be breaking the law.
The rise of virtual viewings
Andy Marshall, our chief commercial officer at Zoopla, says: "We have seen an upsurge of 215 per cent in virtual viewings of new-builds. While this is partly in response to coronavirus, we anticipate that online and virtual tours are quickly becoming the new normal. Online viewings afford convenience and flexibility."
If your agent was not able to create one for you before social distancing was introduced, you could have a go at creating your own using the video on your mobile phone. This should still give potential buyers a good sense of how your home looks.
What if someone makes an offer?
If you receive an offer, there is nothing to stop you negotiating and accepting it.
But you do need to be mindful that the selling process is likely to take longer than usual.
The government has advised people to delay exchanging contracts while the current lockdown measures are in place.
Your buyer may also face delays in having a survey done on the property, as surveyors have been told not to carry out non-urgent work.
What if I want to buy a new home?
If you want to buy a new home, there are still plenty of things you can do to kick-start your search while in lockdown.
You can use the time to browse homes online that estate agents already have on their books, to give you a sense of what is out there, while many properties also have virtual tours you can take.
Check out mortgage lenders websites too, to get a sense of how much you may be able to borrow, giving you an idea of the price range for your new home. If you are a first time buyer take a look at mortgage calculators.
We are still working, so even though you can’t visit us in our offices, it is still worth ringing us for a chat about the type of property you're looking for, as we may have someone waiting to list as soon as the restrictions are lifted.
If you do find a property that seems perfect, you can put in an offer for it, although as explained above, the conveyancing process is likely to be slower than usual.
What can I do to get my home ready to sell?
One of the key things to do when preparing your home for sale is to have a good tidy up.
Rooms that contain a lot of clutter generally look smaller and darker than ones that are tidy and have clear surfaces, and this can put off potential buyers. So, spend some of your time while in lockdown going through each room, having a good clear-out and packing away some of the ornaments and personal effects on display.
Also think about whether there is any furniture you could remove from rooms and store in the loft or garage to help make the space look bigger or more appealing.
Can I carry out home improvements during lockdown?
Many DIY stores remain open, although some are asking customers to order what they need online and then pick up their purchases at the store while still complying with the two-metre social distancing guidelines.
Here are a few businesses in our town that could help you with home improvements.
Take a look here.
As a result, there is nothing stopping you from cracking on with those small DIY jobs you may have been putting off for a while.
Touching up paintwork or regrouting tiles can have a big impact on the overall look of your home.
Bear in mind that you cannot employ professional decorators and builders in your home during lockdown when you are living there, so a it's a great time to try your hand at DIY.
Conclusion
1. If your home is currently for sale, there is no reason to withdraw it and your estate agent can continue to market it
2. Estate agents can take on new listings just not the usual way, but if you are interested in selling your home, they can advise you on getting your property ready to market or you can do a social distancing valuation here.
3. Potential buyers cannot physically view your home while social distancing measures are in place, but we are offering virtual tours instead.
If you would like some additional advice then feel free to get in touch!
Take care,
The Alexanders Team.