What are some reasons that you may NEED to buy or sell RIGHT NOW?
* You already bought your next home, but haven't sold your current one.
* You have already sold your current home but haven't bought the next one.
* You are a tenant and gave notice (or have been given notice to vacate) before Covid 19 began.
* Your financial situation is bad (and was before Covid too)
* Personal circumstances like death or divorce.
If you just WANT to buy or sell right now, I strongly recommend you wait. While I do not know what the future holds.. I don't think it is worth putting yourself and others at health or financial risk if you don't NEED to sell. Buyer's are taking the same caution, making less of them out there.
* Your tenant didn't pay rent and you are panicking (hopefully there is a relief package for you)
* You can not work right now and are worried about the mortgage (maybe you qualify for a mortgage deferral? Talk to you Lender ASAP)
* You think you are invincible and immune to the virus (you are not)
If you find yourself in a position that you need to buy or sell right now, know that Realtors across Ontario are working hard to figure it out. Things are changing daily. Its an unprecedented time.
Getting your Home Ready for Sale:
Because it is not safe to bring in painters, handymen etc. at this time to prepare your home for sale.. it is what you see is what you get, generally at this time.
While many realtors are using video, digital marketing etc., marketing a house for sale is not as easy as it was a month or so ago. The goals is no longer to as many people through a listing.. its to get the right people through it.
Realtors are balancing the need to advertise their listings with the public's understandable distaste for marketing right now.
There are NO In Person Open Houses. Period.
In some cases there is a restriction on some professionals. So for example, photographers, stagers, home inspectors, appraisers, lawyers, insurance agents and lenders are considered essential, like realtors.. but are working on a reduced scale.
If you are selling your home during COVID be prepared to lower your service expectations and be prepared to be flexible at every stage of the sale.
Pre-Covid our goal was to show your house to as many people as possible. NOW . . Now we want the right buyers in there and we are being creative to reduce personal contact. I've shown using FaceTime, I've previewed before hand and provided video's. Buyers are very rarely making offers sight unseen, but it is happening.
If you are living in your home while it is for sale, make sure to weigh the risks that you and your family, potential buyers and their agents are in.. If you can mitigate those risk even better. Better yet, if you can move out while your house is for sale.. that's prefect.
If the house you want to sell is tenanted, know that you are not able to guarantee vacant possession right now. Ontario landlord's are currently not allowed to evict tenants and the Landlord Tenant Board office is closed. You will need to include special clauses to protect you and any issues that may arise on closing and even extending the closing date if the buyer plans on moving into the house themselves.
ALSO - YOU CAN NOT FORCE your tenants to have showings! Especially given the legitimate safety concerns right now.
Thankfully, may realtors are using electronic signatures to sign offers and can present them via email /phone/ video conference. But offers are also far from business as usual right now.
Longer conditional periods are the norm for financing - in light of people working from home... inspections may take longer and even those have restrictions on them. There could be delays. Hopefully no one gets an illness like Covid -19 and there are no issues with pre-close visits.
Selling your Home During Covid may not be easy - but it may not be impossible either. If you NEED to sell your home, be ready and be flexible.