Maybe you had plans to sell your home, or already listed your home when Covid-19 started to sweep across the nation. A lot of people pulled their listings, others just sat in limbo unsure of what to do. Now that the US is starting to reopen, a lot of people are wondering if it is possible to sell your house during coronavirus.
The answer is not so simple. Attempting to sell your house during coronavirus is a tough task, but it is not impossible. Some parts of the US are experiencing a boom in real estate sales because the buyers outnumber the sellers. Other areas are seeing numbers down because their communities have been more heavily affected by the coronavirus.
Many sellers are frozen waiting to see what the market is going to do, but a lot of people are not in the position to wait. Life events, job relocations, or space issues can all demand a quick house sale. The following is a quick glimpse into the different situations that make the current climate a bit harder to navigate as a seller.
Selling or buying a new home is a major life milestone. It may be one that you are hesitant to undertake while things are still so uncertain. No one knows for sure how long the coronavirus pandemic will last, which means you can’t wait it out. Some experts claim a vaccine will be available by the end of next year, others claim that a vaccine may never be available.
Not knowing the future can make it difficult to consider leaping faith. Even if you sell your home, you will need to buy a new one and that may feel intimidating right now. Plus, the idea of having people in your home contradicts everything that health officials are warning us about. You aren’t alone if you feel nervous about attempting to sell your house during coronavirus.
The Uncertain Market
The housing market behaves differently than the stock market, which is excellent news. It will likely be a while before the stock market recovers. However, there are positive indications that the housing market may be rising again. Many online listing platforms like Zillow and Redfin report that listings are starting to pop up at their normal rates. Since March there has also been a jump in pre-approvals, indicating that buyers at least are feeling better about the market.
However, at the same time, the real estate market is sticky. It takes longer to see a depreciation trend start to develop, and then even longer for it to correct. It is hard to predict how the real estate market will behave, and when the current bubble will burst. Thus, if you know you need to sell your home in the next two years sooner may be better than later. It’s hard to know what the future will bring, so it may be safer to act proactively.
Some Homes Will Simply Sell Better Than Others
Some people are going to find it’s easier to sell your house during coronavirus while others will feel the opposite. Homes in areas not as scathed by Covid-19 will likely find a more promising buyer pool. Homes that are priced to sell will likely move better than luxury homes. Given the stock market has dropped and many jobs are being cut, luxury homes are not in the budget.
A lot of real estate agents are now offering virtual showings instead of actual open houses. Some homes simply don’t photograph as well as others. If you are trying to sell without an agent it can be even more difficult to portray a home online. Professional photography can make a difference when selling a house during coronavirus because a first impression truly does last.
Plus, it is just inconvenient to sell a home right now if you are still living in it. No one wants to disinfect their entire home after a showing. It is also harder for a family to run out the door for a last-minute showing. In general, the hassle associated with showing a home is now also partially a health hazard.
Expect Selling to Take Longer
Many homes sold in March had extended escrow times, and this is likely a trend that will continue. To social distance, a lot of banks, brokers, and title agencies have reduced staff numbers. The end result is everything takes longer to get done, including selling your house during coronavirus. Earnest money is even refundable in many cases now making it harder to attract serious buyers
Sell Quickly with a Company That Pays Cash for Homes
Do you need to sell your home now? Are you concerned about having people in your home for showings? If you need to sell your home but don’t want to take any extra risks in the current climate then working with a company that pays cash for homes is a smart move. Request a cash offer from Need to Sell My Home today to diaper how easy it is to sell a home with no restrictions even in the age of coronavirus.