Without a doubt, the world is going through an unprecedented multi-level crisis. In such a situation it is of utmost importance that we all behave responsibly as individuals but also as companies. What can Wequire do as a property platform helping people to sell and buy a new home? Re-set our goals and contribute to a safer and more certain recovery out of this crisis.
Social distancing versus lockdown
Before turning to the property market, first, it is essential to know what is happening both locally and globally. There are many helpful tools, like Google’s confirmed cases of coronavirus map, WHO’s basic protective measure recommendations or official government orders on social distancing or in some cases – Belgium, France, Italy – even a lockdown.
Should I suspend selling my home under the coronavirus pandemic?
Each country is in a different stage and has currently different protective measures in place. However, to flatten the spread curve all but vital personal contacts shall be avoided. Because of this reason, Wequire recommends suspending property viewings as safety is first for all. In some countries with quarantine measures, it would be even illegal to visit a property.
Also taking common sense into account, selling under collapsing market demand is very unfavourable. The last example from the 2008 financial crisis shows that UK house prices declined in tandem with the demand, but later quickly recovered. We recommend homeowners to gauge house prices and the number of transactions closely before deciding on buying or selling a property.
What can I do with my property in crisis mode?
As mentioned above we do not recommend to organise property viewings, especially having additional meetings with estate agents.
However, homeowners in a need to sell, or urgent move can advertise for free on our platform without receiving unsolicited contacts.
For the rest of homeowners, this is the time to think through possible DIY improvements and small renovations that can contribute to higher property value, once normal market dynamics return. Also, we would like to let you know that our platform has set it’s rockets on fire, in terms of onboarding the best service providers helping improve your property conditions.