In response to the evolving ‘coronacrisis’, Property Solvers has produced an essential COVID-19 guide for homeowners who have their properties on the market or are looking to sell in the current climate.
Co-founder and author of the guide Ruban Selvanayagam comments:
“COVID-19 has taken the whole industry by surprise.”
“The shock has been particularly noticeable considering we had such a good start to the new decade.”
“Indeed, after the general election of 2019 and uncertainty surrounding Brexit, a refreshed sense of optimism was restored across the property market,” he continues.
In relation to where the market may be heading now, Selvanayagam believes it’s too early to tell but falling transaction volumes will certainly have a negative impact to some degree.
“Nonetheless, sellers and buyers are still proceeding with sales agreed before COVID-19. Most are buying homes for the long-term and appreciate that this is nothing like the crash back in 2008/09,” he believes.
“In the meantime, with social distancing rules in place, we’re seeing estate agents adapt their models to offer services like virtual viewings through social media channels such as Facebook Live and WhatsApp.”
Here are some other tips:
- Unless you really have to, reject any offers that are significantly under your asking price. Although much will depend on how quickly this virus disappears, the market looks set to bounce back stronger once this is all over;
- If you’re struggling to pay your mortgage, contact your lender immediately. There’s a good chance of getting a payment ‘holiday’ (although bear in mind that you will still have to pay back what you owe plus any interest down the line). Please do not bury your head in the sand;
- Make sure your photos are looking good. With traffic on portals like Rightmove and Zoopla going through the roof as people are indoors, now’s the time to really make your house stand out;
- Ensure you have an accurate floorplan for people to see the dimensions of your property;
- Make sure the descriptions are well written. As well as all the details of the property itself, your estate agent should highlight the local amenities, schools, entertainment, green space, transport links and other features;
- Do not show people around your property;
- Ask your estate agent about virtual viewing tours and ways prospective buyers can get a good feel for your property without actually visiting;
- Post your property on your social media and offer to do viewings via Facetime or WhatsApp;
- Regularly communicate with your estate agent and make sure they’re being proactive in the current circumstances;
- Remember that you can still sign any necessary paperwork (the Post Office service is functioning). Documents can also be signed digitally.
Above all, take care and stay safe…