There is a lot going on in the world today, not the least of which is the Corona Virus pandemic. While COVID-19 has changed a lot in our day-to-day lives, life goes on and the world keeps turning.
If you had planned to sell your house, this new situation may have stopped you in your tracks. Selling your house is stressful enough, Now you have to decide whether to try and sell in the current environment or try to tough it out until a vaccine is developed or at least until the worst of it has passed.
Some home sellers are standing pat and not trying to sell. They are hoping that the situation will improve soon and all markets will return to near normal.
Unfortunately, not everyone can afford to wait. Their personal situation means that they need a quick sale or there could be serious consequences. They may have to relocate for a job, or they’ve inherited a house that has become a financial strain. Whatever the case a “wait and see” strategy just will not work.
So, the real estate market, like every other market, is going to change quite a bit from 2020 forward. People have not stopped buying and selling houses, and it is not likely that covid will be dealt with in any significant way for the next few months.
The Real Estate Market Changes Slowly
People that watch the real estate market look at things like property values, housing costs, and whether it is a buyers or sellers market. All of these variables change a lot slower than, say, the stock market numbers. The factors that determine the housing prices are pretty independent of most other influencers, at least in the short term.
If the market for selling your house is good then you usually have time to cash in on that market. Even after COVID-19, the housing shortage has stabilized home prices for the time being. Over the spring and summer the number of homes has declined while the listing prices, nationwide, have increased.
Some Houses May Sell Faster Than Others
Larger, more expensive homes may take longer to sell in this market but midsized, and smaller, home priced well are moving very quickly. If you are wanting to sell your house fast, then consider pricing your home appropriately.
Houses that have better online marketing and curb appeal will see a lot more interest as people are not inclined to tour homes personally until they have all but made up their minds on a property. This means you need great photos and clear listings of features and amenities.
Vacant properties are getting more attention. Investors are always in the market for real estate that can be used for rental houses. If you have a rental property with a tenant in place it makes it more of an issue to view and inspect the property. With the additional hurdle of responsible social distancing, this could slow down the time to sell your house even more.
Can You Handle Strangers Walking Through Your House?
While showings can be limited to serious potential buyers with mortgage pre-approvals or even offers on the table, many buyers will want to see the house in person before committing to a purchase. It is not only understandable but advised that you take precautions when showing your house.
Require potential home buyers to wear a mask while in your home. Provide hand sanitizer, and clean high contact areas such as door knobs frequently. Keep showings limited to one or two people at a time and keep social distancing in mind while showing your house.
Selling now could take longer than normal
Restrictions around COVID-19 may slow certain phases of the home selling process.
Listing your home now requires extra patience and understanding in the face of inevitable delays. Every step of buying and selling a home has been impacted or changed in some way since the beginning of 2020.
Health concerns are affecting everything from finding a buyer to the closing process. Even getting your home inspected could take longer.
If You Want to Sell Your House Now Then Do It
It may take longer than it has in the past but people are buying houses in 2020. You just have to be prepared to deal with the new realities of the market. If you plan accordingly there is no real reason you shouldn’t move ahead with your plans.
Market your property well, make sure everyone involved stays safe during the process and allow extra time for the process.
Just like everything else since COVID-19, real estate is changing. We just have to acquaint ourselves with the new realities.
You can always change your mind
If you list your home and then are unable to follow through with the sale due to an illness, job loss, or other reason, you can cancel the transaction without repercussions so long as you include a COVID-19 clause in the home sale contract.