Typically Spring is the busiest season of the year for real estate. However, with our current circumstances anything but “typical,” potential buyers and sellers are left wondering if it’s a good time to list their home or search for a new one, and how to go about doing it. As the country emerges from under quarantine, the housing market will continue to rebound, and as one of the top rated title and settlement agencies in the DC Metro region, Champion Title would like to share some tips for listing your current home and/or buying your dream home.
Tips for Buyers
Choose A “Hard Working” Real Estate Agent. With inventory still low, competition to purchase is high. Make sure your agent is ready and willing to search for off-market listings. The less obvious options should have less buyer interest as well, increasing your chances of winning the home you really want. Also, be sure to do your research and video chat with a number of agents before selecting who you will work with. You want to establish a personal connection with someone who knows your needs.
Get Preapproved Before You Make An Offer. This is a must if you want to secure your dream home. As previously mentioned, short supply creates stiff competition and preapproval for a mortgage will allow you to move quickly, placing you at the top of the list of offers. These days you don’t even have to leave your home to get preapproval, and can submit your application online or over the phone, making it a no-brainer in your purchase prep.
Consider An Extended Closing Period. A typical closing window is 30-45 days, but by extending this period to 60 days, lenders are given some much needed extra time to approve your mortgage as they simultaneously manage the recent surge in refinance applications. This also provides more flexibility in scheduling the closing.
Opt For An E-Closing At Settlement. Provided your transaction qualifies, an e-Closing is a simple, convenient and safe way to close on your new home. For more information on e-Closing Options with Champion Title, please view our e-Closings Options Guide
Tips for Sellers
Professional Photos And Staging Are A Must. Now more than ever, your home’s online presentation is a make or break opportunity. Professional staging is an additional expense but well worth the investment in the end. Consider using updated high-tech tools such as 3-D video tours and drone footage to enhance your online listing.
Make In-Person Tours Convenient And Safe. If you are comfortable allowing potential buyers into your home for an in-person tour, schedule these by appointment only and turn on all lights, open all doors prior to their arrival to limit the need to touch things throughout your home. Include a basket of shoe covers, disposable gloves and sanitizing wipes by the entrance for convenience and protection.
Don’t Overprice Your Home. Due to the impact of Covid-19 on the financial circumstances of many homebuyers, budgets are tighter for some. And with uncertainty still lingering for the future of the housing market, there is concern that housing price gains will suffer later this year. Fewer are willing to pay over asking so make sure you’ve set your sales price in line with the true value of your home.
As we continue to navigate these new challenges brought on by Covid-19 together, Champion Title remains your partner throughout. For more information or questions regarding any of our services, please call us at (703) 444-4100, or visit our website at www.championtitle.com.