If you are a home buyer or seller who has pushed back their home move, whether its listing their home or looking for their next, due to the COVID-19 crisis and pause on typical real estate activities, there is still a lot you can do to get ready for the "new" Spring market, which will be delayed till late Spring or Summer.
1) Get an updated CMA and have your agent keep tabs on the competition, many of which may relist later too.
2) Work on your listing! This is the #1 positive for sellers having to wait to list, or relist. The "pause" allows you to do those odd jobs around the house that you might not have had time for before. Touch up paint, clean up baseboards, edit and stage, etc. Plus, all this time indoors, I bet you have eyed a few issues in your home that you have visually ignored before!
3) Spruce up outside! Another perk is that now we are finally seeing Spring weather and greenery, which always helps with curb appeal and buyers' envisioning of outdoor entertainment.
4) Plan your next move. If you didn't have a perfect plan yet for where you are headed to next, you have more time on your side to research. Spend the time to also look into your financial plan, which may or may not have changed with the stock market.
5) Walk through paperwork with your agent virtually. Its easy to get carried away with listing and not have taken the time to run through what an offer might look like when it comes in. Take the extra time to review the agreement of sale, seller's disclosure and your listing contract with your agent and go over any questions!
1) Double check with your mortgage rep that your estimated closing costs and monthly payment are still the numbers you assumed. Does that still fit in with your financial ability?
If you haven't been pre-approved OR haven't actually had the chance to chat with a real mortgage representative (as opposed to going to LendingTree.com or using Rocket Mortgage for a quick check), NOW is the time! Not only can you have a professional double check your numbers, you can get advice on whats going on in the market right now and where you might comfortably land.
2) Do your neighborhood research! If you are moving out of your neighborhood and looking into a new part of the Philly area (or are moving TO the Philly area), you have more time now to do the background work as to where. No, now isn't the time to drive through areas and try out the best local restaurants, but you do have time to do online research.
While your Realtor can't legally give you specific opinions on neighborhoods, schools and safety, you can research school rankings and reviews, what neighborhoods provide services such as trash and recycling, local restaurants and shops, walkability, crime reports/maps, census data on homeownership vs renting, etc. You can even spend hours on Google Street View if you want to "tour" the neighborhood! Take the time to do a deep dive on your interested areas.
3) Work on your "must have" list. I bet spending more time in your current home gives you time to reflect on whats important and what isn't in a move. Make your list, check it with any other co-buyer like a spouse, and jot down your "must haves", "would like to haves" and "open tos".
4) Work with your agent on reviewing what inventory normally looks like. If you are new to your search, you might want a 4 bedroom house with 1/2 an acre for under $400,000 but you might not realize that there are only a handful of those houses that pop up every year. Take this time to run through a year's worth of inventory with your agent so you can know what to expect in your price range!
Have any specific questions on buying or selling in the "New Spring Market"? I'm always available!
If you are a seller....
1) Get an updated CMA and have your agent keep tabs on the competition, many of which may relist later too.
2) Work on your listing! This is the #1 positive for sellers having to wait to list, or relist. The "pause" allows you to do those odd jobs around the house that you might not have had time for before. Touch up paint, clean up baseboards, edit and stage, etc. Plus, all this time indoors, I bet you have eyed a few issues in your home that you have visually ignored before!
3) Spruce up outside! Another perk is that now we are finally seeing Spring weather and greenery, which always helps with curb appeal and buyers' envisioning of outdoor entertainment.
4) Plan your next move. If you didn't have a perfect plan yet for where you are headed to next, you have more time on your side to research. Spend the time to also look into your financial plan, which may or may not have changed with the stock market.
5) Walk through paperwork with your agent virtually. Its easy to get carried away with listing and not have taken the time to run through what an offer might look like when it comes in. Take the extra time to review the agreement of sale, seller's disclosure and your listing contract with your agent and go over any questions!
If you are a buyer...
1) Double check with your mortgage rep that your estimated closing costs and monthly payment are still the numbers you assumed. Does that still fit in with your financial ability?
If you haven't been pre-approved OR haven't actually had the chance to chat with a real mortgage representative (as opposed to going to LendingTree.com or using Rocket Mortgage for a quick check), NOW is the time! Not only can you have a professional double check your numbers, you can get advice on whats going on in the market right now and where you might comfortably land.
2) Do your neighborhood research! If you are moving out of your neighborhood and looking into a new part of the Philly area (or are moving TO the Philly area), you have more time now to do the background work as to where. No, now isn't the time to drive through areas and try out the best local restaurants, but you do have time to do online research.
While your Realtor can't legally give you specific opinions on neighborhoods, schools and safety, you can research school rankings and reviews, what neighborhoods provide services such as trash and recycling, local restaurants and shops, walkability, crime reports/maps, census data on homeownership vs renting, etc. You can even spend hours on Google Street View if you want to "tour" the neighborhood! Take the time to do a deep dive on your interested areas.
3) Work on your "must have" list. I bet spending more time in your current home gives you time to reflect on whats important and what isn't in a move. Make your list, check it with any other co-buyer like a spouse, and jot down your "must haves", "would like to haves" and "open tos".
4) Work with your agent on reviewing what inventory normally looks like. If you are new to your search, you might want a 4 bedroom house with 1/2 an acre for under $400,000 but you might not realize that there are only a handful of those houses that pop up every year. Take this time to run through a year's worth of inventory with your agent so you can know what to expect in your price range!
Have any specific questions on buying or selling in the "New Spring Market"? I'm always available!
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