Toggle Menu Header

Joshua

Joshua

Real estate agent,

How to sell your home amid the COVID-19 restrictions

3Mo ago 0 Replies 84 Views
Every financial or economic crisis is different, and the coronavirus pandemic is no exception. 

The current situation can be likened, in some ways, to earlier economic downturns, such as the Global Financial Crisis in 2007. But what we’re living through at the moment is very much a first.
For the property market, the most important thing is how we overcome the obstacles the coronavirus presents.
Home auctions and open house inspections banned
Real estate agents do not have a hand in what happens to the economy, nor can they control what public health directives are given amid COVID-19.

However, there are plenty of things agents can do to help support their businesses, and try and ensure people are still able to buy new properties and move on from properties too.
It has always been important for residential sales agents to provide property information to potential buyers – but during the current heightened economic and social uncertainty, the type of information and the way it’s delivered needs to be taken to another level.
While the extra effort will come at a cost to vendors, the financial sacrifice is relatively minor in the context of the overall value of the transaction. Remember: A more informed buyer is more likely to be able to make a decision to purchase.
In these uncertain times, agents must ensure buyers and sellers are getting enough information to make an informed decision. But this can be challenging when the decision is being made without a physical property inspection. Our complete guide to the property market amid COVID-19 is a useful read for those interested in what’s going on right now.

What can vendors do when selling amid COVID-19?
While your agent will be a big help in getting your property sold quickly and for a great price, there are things vendors can do to ensure the process goes smoothly.

Consider paying for building/pest inspections and independent valuations
This helps make the buying experience as smooth as possible for potential buyers. It can also greatly improve transparency for the transaction.
Make the property look the best it possibly can
In the coronavirus environment, agents and vendors really need to consider how to best display a property.
Many potential buyers will be unwilling or unable to attend open-for-inspections due to the current health crisis, so agents should consider arranging private viewings and alternatives to public on-site auctions.


Share on:

Top Contributors Last 30 days

1 InvestAus
2 John
3 Anuj

Related Posts

Investors in Australia’s two largest cities are starting to see the impact of COVID-19

One in three apartments in Melbourne sold for less than what they were bought for during the first three months of the year, according to CoreLogic’s Pain and Gain Report. While in Sydney’s surrounding suburbs, up to one in five investors felt the pinch when selling. The report noted that 33.6 per cent of units in the city of Melbourne were sold at a loss, with a median decline of $44,500. In greater Melbourne, 15.5 per cent of apartments sold for a loss. “For Melbourne and parts of Victoria, the recent rise in coronavirus cases presents ongoing risk to housing market demand. Government lockdowns have been a key determinant of economic performance since the onset of the pandemic,” the report said. In Sydney, the council areas with the highest proportion of loss-making owners were in the suburb of Burwood, where 22.4 per cent sold for less than they were bought for, Parramatta at 15.9 per cent, and the Ryde and Strathfield areas at 13.5 per cent. The housing market in Sydney saw a 5.5 per cent decrease in value. Continue reading at: x Sydney and Melbourne wobble as COVID-19 sets in Investors in Australia’s two largest cities are starting to see the impact of COVID-19, with up to a third of owners selling for less, new research has revealed. www.smartpropertyinvestment.com.au
MD Emren
MD Emren
1Hr ago 0 View

NSW: There will be a rise in tax deductions this year after COVID-19 and the bushfires.

The Australian Taxation Office (ATO) expect there will be a significant rise in investors who claim a bigger tax deduction given their bushfire and COVID-19 impacted rental income will not have covered the expense of owning their property. Despite lower home loan interest rates, NSW landlords have missed out on millions of dollars in rental income over the past six months. We know that this year, there’s a lot of landlords who are receiving a reduced amount of rent, whether that’s because their tenants are paying less, or unable to pay at all, or if their property is sitting vacant,” the ATO assistant commissioner Karen Foat recently noted. The ATO has offered a set of guidelines for rental property owners whose incomes have been recently affected by coronavirus, bushfires, floods or other events during the financial year. The ATO stressed the most important first step was good records, as otherwise it will be difficult to declare all rental-related income and work out what expenses can be claimed as deductions. Get details at: x Tax deductions to rise this year as rental income ... The ATO expects there will be a rise in investors who claim a bigger tax deduction given their bushfire and COVID-19 impacted rental income will not have covered the expense of owning their property. www.realestate.com.au
InvestAus
InvestAus
1Hr ago 0 View

Suggestions on suburb with good transport links

Hi guys I am moving to NSW and having my work place in the Parramatta CBD. I will be commuting through public transport - can anyone suggest me with a safe suburb that has good public transport links??
Sam2018
Sam2018
23Hr ago 6 Views

The COVID-19-induced economic downturn has more than doubled the number of people feeling the housing pain in Australia

Australians who were either unable to pay their rent or mortgage repayments on time shot up from 6.9 per cent in April to 15.1 per cent in May, according to the ANU survey of 3,200 people. Housing stress became a more critical issue for certain age groups. The proportion of people unable to afford their housing costs almost tripled for Australians aged 18 to 24 and 35 to 44, jumping to about 27 per cent and 19 per cent respectively between April and May. Those who have deferred their mortgages or rents still accrue debt on unpaid payments. For homeowners who have taken a mortgage holiday, interest charges are generally capitalised, meaning potentially higher total interest costs in the long run. The ANU research suggested that renters are facing a higher level of housing stress than mortgage holders. About 16 per cent of mortgage holders have reduced their mortgage repayments and 8 per cent have had their repayments paused temporarily. Meanwhile, about 10 per cent of renters have had a rent reduction and 2 per cent have frozen their rent payments. Get details at: x Housing pain grows for renters and homeowners in A... The COVID-19-induced economic downturn has more than doubled the number of people feeling the housing pain in Australia. www.ratecity.com.au
Roma
Roma
1D ago 3 Views

The Real Estate Institute of Australia has welcomed an announcement by the Australian Banking Association to implement a new phase of support to assist customers

Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, with creditors fearing the “September cliff”. The new extension will be processed on a case-by-case basis depending on individual circumstances, with the banks expecting those who are able to resume repayments to start doing so by the end of their six-month deferral in September. Australian Banking Association chief executive Anna Bligh said over 800,000 people had now deferred over $260 billion worth of loans since repayment holidays were rolled out back in March. “This next phase of bank support will avoid a ‘cliff’ for customers in September and give them the breathing space they need to work with their bank and get back on their feet financially,” said Ms Bligh. Continue reading at: x Property industry welcomes bank support The Real Estate Institute of Australia has welcomed an announcement by the Australian Banking Association to implement a new phase of support to assist customers, as the six-month loan repayment defer... www.smartpropertyinvestment.com.au
Justprop Team member
Justprop Team m
1D ago 4 Views

Unit rental yields have had their biggest drop in more than 15 years

House and unit rental prices fell across most major capitals, illustrating no city was immune from the impact of coronavirus, with Sydney and Hobart unit rentals hardest hit – both recorded the steepest quarterly fall on record. “The rental market has become highly fragmented in recent months. With weaker conditions for units compared to houses, tenants have a better chance of nabbing a cheaper unit,” said Domain senior research analyst Dr Nicola Powell. “Rental prices fell across most major capitals, illustrating no city was immune from the impact of coronavirus, with Sydney and Hobart units recording the steepest quarterly fall on record,” Ms Powell said. “This weakness has been led by significant rent reductions in Sydney and Melbourne inner-city areas due to a surge in advertised rentals from March to June.”  Sydney Unit rent fell over the quarter and year, representing the sharpest decline in more than 15 years, with rents now at its lowest in half a decade. With house and unit rents falling by as much as $50 a week in areas like the city and eastern suburbs, tenants are in a strong position to negotiate with landlords. Source: x Unit rentals break 15-year record Unit rental yields have had their biggest drop in more than 15 years, with COVID-19 seeing landlords reduce rates, according to latest research. www.smartpropertyinvestment.com.au
MD Emren
MD Emren
1D ago 3 Views
8 online
InvestAus
Amber Tandon
Hardi Prajaapti
Akash Jain
Kauser Javeed
and more ...