Are you planning to sell your real estate and wondering how you will fare during COVID-19? Many areas are seeing falling prices, which may have some sellers worried. However, other areas are experiencing surprises as the pandemic continues to impact everyone’s major life plans. You may be selling a commercial property and wondering what uses are viable considering new restrictions on our daily activities. M1 Capital Corp in White Plains, NY is your source for updates on the real estate market and selling your property during COVID-19.

Pricing Your Property Right in COVID-19

Before you make any hasty decisions to sell your property, it is important to research and to assess what is it worth now. You can look at recent local examples and data over the last few months to get a better handle on things. Do you have a good broker who will communicate closely and update you on the shifts occurring in the market? M1 Capital Corp is here to help.

Start with what is happening to market square footage pricing in the area. Are you able to see what buyers are doing and where trends and demand are going for commercial space usage? Understanding what tenants need to provide safe services and how they plan to adapt business is important. Buildings that promote distancing and good air quality are going to be valuable. You should also consider how much it will cost a buyer to adapt the property for safe usage.

Prepping Your Property for Tours in COVID-19

Properties that can offer remote tours and visualizations of how to use space are in high demand. On your tours, emphasize any traits in your property—such as ample outdoor space or open-air conversions—that make it safer. Many retailers and restaurants want to purchase spaces that can be adapted for delivery and take-out services. Spaces that can be used for distanced business production and leisure will experience issues, but still be in demand.

Additional Uses for Commercial Properties in COVID-19

It is going to take some time to see what sectors of commercial real estate are taking the largest hit. After all, the market could be somewhat overreactive, and certain trends remain to be seen. However, many are seeing declines in senior gathering and skilled care facilities—one of the areas where the virus is spreading the most.  Hotel and casino owners are also seeing drops, along with large strip malls.

Some of the least impacted property uses appear to be cell phone towers, and large distanced warehouses and production or distribution facilities. Although many apartment rentals struggle as tenants cannot pay rent, there will usually be a large need for housing in many areas. It remains to be seen how long eviction moratoriums will last and how lenders will react.

M1 Capital Corp is available to consult about viable sales for your property. If you have additional questions, please contact our team in White Plains, NY.

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