What do we do about our home sale during the Corona Virus outbreak?
By Alex at Aboda, Mar 22 2020 11:33PM
Had many clients and local home sellers on the market right now asking me questions about selling during the Corona Virus outbreak
For those of you who asked about reducing marketing price, now is not the time.
From my conversations with buyers and sellers with agreed sales over the last 10 days, they all appear to continue to be committed to moving.
From my research this week, most estate agents, solicitors, mortgage brokers, mortgage underwriters, buildings insurance companies, and search providers all still appear to be able to provide partial or full service remotely in the event of self-isolation or lock-down.
But, in the event of a lock-down it remains unclear which particular physical service elements of the home sale and move processes here in the UK will remain viable and available – being the the buyers viewing, the sellers making their homes available to view, the estate agents able to show buyers/photograph/video a home, the surveyors able to survey a home, and the removals companies able to move people – and, ultimately, the banks/mortgage co's able to arrange transfer of funds for exchange and completion
I will continue to research and monitor this in the coming days/weeks and update accordingly
Price reductions currently are not the answer to selling your home quicker, nor will they likely be in the coming days/weeks/months until clarity on the corona virus pans out – and any post-lock-down market appears - while also monitoring the post-lock-down property market of other countries in the world, particularly China, Italy, Spain, etc.
Again, I will continue to research and monitor this, and update accordingly.
For those of you pondering the thought of seeking additional agents to market your home – I understand, but... this will unlikely yield any increased chance of you agreeing or completing your sale – after all, in addition to the above, multi listed homes generally take longer to sell, achieve a lower agreed sale price compared to marketing price, and have a higher rate of aborted sale than homes listed with a single agent due to rival agents simply pushing you to agree ANY sale to ANY buyer, rather than your trusted sole agent working to find the RIGHT buyer that WILL continue to buy your home and the BEST PRICE.
So, If you are sale agreed/sold stc, keep going.
If you are on the market and not yet sold, keep marketing and don't drop your price
If any lock down is enforced such as in China/Italy/Spain - only essential travel would be allowed - to buy food/medicine/hygiene supplies and fuel for your vehicle to do this - viewing a home you wish to buy, or a mortgage surveyor surveying the home you wish to buy, or the removal company you wish to help you move home, or you actually being able to move home, would unlikely be considered essential, unless maybe a key worker was involved in your chain that had to move for work
This is all speculation at the moment, but, if everyone cannot move home, then reducing your marketing price would not have any effect whatsoever on the speed or success of your home sale or move in the event of a lock-down like in China/Spain/Italy - if you can't sell and move, and buyers can't buy and move, reducing your marketing price will have no effect at all
If you consent to viewings on your home, you should check my previous posts about safe viewing practices and procedures that I introduced 10 days ago.
If you would like me to send them to you, please let me know.
However, you should immediately not consent or allow viewings on your home if you are in the 'at-risk' list - elderly, have underlying health problems (heart and lung conditions, high blood pressure, diabetes, undergoing cancer treatments, pregnant, or any immunodeficiency at all), presenting any symptoms of the virus in the last 16 days (high temperature, or new and prolonged dry cough), and if the latter, only allow viewings once everyone in the home is symptom-free for at least 7 days.