Five tips for sellers on dealing with the Coronavirus outbreak
In this two-minute read, we look at how sellers can tackle the challenges presented by the Coronavirus.
Keep the lines of communication open
Hopefully you already have a good relationship with your estate agent. Try to stay on top of the latest Government advice and the NHS Stay at home advice, and find out how you will be informed of the latest developments within your agency’s business. That way you can take appropriate measures for viewing arrangements. Perhaps viewings are to only be conducted by agency staff; or virtual viewings may be an option.
At Jacobs Steel, we are considering all challenges and have put measures in place to reduce the risk to our staff and our clients during these unprecedented times. You can see these here. All updates will be published to our Facebook page; and particularly urgent developments will be issued to our clients by email and/or phone.
Listen to advice
Despite the latest government announcements, with some businesses asking staff to take leave without pay and others shutting shop altogether, incomes are set to take a hit. Considering all of your options financially is important; so don’t make any rash decisions. If your property is already on the market or you were thinking of selling, it may still be the right step for you. If you’re anxious or uncertain, give us a call for advice.
Jacobs Steel work exclusively with advisors from Mortgage Advice Bureau, who are offering mortgage & protection reviews to anyone locally, which includes income protection, life insurance and mortgage protection insurance. They would also like to support our hardworking NHS staff, so their advice will be completely free to NHS workers for the next 3 months. Contact your local Jacobs Steel branch to find out more or arrange an appointment.
Consider your options
Once you’ve taken on board the advice from property and mortgage professionals, you will be able to consider your options fully. Bear in mind that the property market was at the highest peak since 2007 before this pandemic; so it’s likely that once this is all over, the market will be saturated with pent up demand.
That means that actually, now is a good time to sell your property as only very serious buyers will be looking for their next home.
If you’re concerned about how viewings will be conducted on your property during isolation periods or lock down, contact us to find out how we’re tackling this issue.
With things changing daily, stay abreast of the latest advice from official sources. Follow all Government and NHS announcements and watch what the banks are saying.
We will be regularly communicating with our buyers and sellers, and our most recent updates and information will also be posted on our Facebook page.
Don’t panic or act in haste
If you are already under offer to a buyer, there is little need to panic and disrupt the sale. Prime Minister Boris Johnson recently announced that we could be through the murkiest waters within 12 weeks; also the average time it takes for a sale to go through.
Your solicitor can keep the sale on track and do all the work required to get your transaction to the point of completion. They will then advise on the best course of action to get your property to exchange and complete.
If you feel your anxiety levels rising, ask yourself this: What would hitting the panic button achieve? By keeping as cool as possible, you’ll be able to make level-headed decisions.
And remember, you don’t have to figure everything out by yourself. If you need advice, we’re here for you. We are continually talking to sellers, buyers and landlords across Worthing, Lancing and Shoreham who are in similar situations; and we have more than 35 industry insight to share.