The pandemic is over, but it left many homes and properties in a state of disrepair. The value of these properties has plummeted since the outbreak began, making them nearly worthless.
But how do you know if your property was worth less than you think? And how can you get your home back on track to where it once was before the outbreak? In this blog post, we’ll discuss ways to increase the value of your property so that when you’re ready to sell it again, there will be plenty of buyers lining up!
What’s changed in the property valuation process?
The property valuation process has changed dramatically since the pandemic. The main change was the fact that many homes and properties lost their value because of the pandemic. Homes that were worth £200,000 before are now only worth about half that amount after home values plummeted during the outbreak says Paul McLaughling at charteredsurveyorinlondon.co.uk
Due to this drastic change in property valuation, many people are struggling with how much a house is actually worth at any given time. In order to get a true estimate of what your home is worth, it’s important that you employ an appraiser who does not have any ties to you or the homeowner. This way they will be less likely to inflate their estimates in order to increase commissions and fees from eventual buyers!
How to get your house ready for sale
Trying to sell your home in a market that is oversaturated with homes for sale can be daunting, but it doesn’t have to be. There are many things you need to do before showing up on the day of an open house or putting your property out there online and they don’t cost a whole lot!
It’s important that when getting ready your property for sale, you list every single thing wrong with the house so potential buyers know what they’re walking into from the get-go. That way they’ll either decide not to buy at all because of these issues or if they want this particular property enough then they will try their hardest to come up with ways around those problems.
Another thing is that you need to decide if you want your home to be a fixer-upper or move-in ready. If it’s the latter, then make sure that everything is in perfect working order and nothing is out of place! From the outside appearance down to how clean it feels on the inside from top to bottom.
Finally, you should make sure that you have all the paperwork in order. This means having your title search done, your insurance records and everything else that goes into proving ownership of the property.
Tips for buyers and sellers on how to make the most of market conditions
First of all, you need to look at the overall climate of the housing market and decide if you’re in a buyer’s or seller’s market. If it is sellers’ then this means that prices are going up, but there are more buyers than available properties on the market.
Secondly, if you are in a buyers’ market, then this means that prices are going up but there is more supply than demand.
If the climate of your housing market is neutral and not leaning either way to sellers or buyers – this might be an ideal time for those who do not need to buy or sell right away to try luring potential buyers with discounts on their home’s listing price!
Of course, all of that depends on your location. Some regions might experience a surge in prices, while others might experience a decline in the housing market. It takes some analysis to find that out for each specific location.
What you should know is that property values can change rapidly, both up and down!
If your house was valued at $200,000 last year but now has a market value of only $150,000 – then chances are it’s time to take some action in order to avoid the loss from falling even more than it already has.
Ways to be more prepared than ever before during this time period
While you can’t see into the future, you can certainly take some steps to prepare. These include:
-Fixed-rate mortgages,
-Primary residence mortgage insurance,
-Home equity line of credit (HELOC),
-Mortgage life insurance,
-Mortgage indemnity insurance,
-Loan term extensions,
-Personalized mortgage protection coverage from a private insurer.
Wrap-up
To conclude, while the principles of property valuation remain more or less the same, the dynamic situation within the real estate market is more in flux than ever before. The unprecedented events of 2020 and 2021 have led to a destabilisation of the real estate market that will likely take decades to recover from. For this reason, it is crucial for homeowners and buyers alike to be more proactive than ever before in order to protect their property investments.
