While spring is usually one of the busiest times in the real estate market, COVID-19 has had a significant impact on the market. If you were planning to sell this spring, you may be wondering
The pros and cons to listing a home during the COVID-19 crisis
While spring is usually one of the busiest times in the real estate market, COVID-19 has had a significant impact on the market. If you were planning to sell this spring, you may be wondering whether or not it's reasonable to list your home. There are both pros and cons to listing your home at this time. If you're struggling with the decision, feel free to contact us today. We'd be happy to talk through the current climate and help you make the right decision for you and your family.
Pro #1: Mortgage rates
Mortgage rates are currently quite competitive, and some experts expect them to drop even more. This fact makes it an appealing time to buy a house, even in light of current circumstances. There are interested buyers out there who want to take advantage of these mortgage rates - and there are creative ways to allow them to "see" your house without stepping foot in it. We are offering video tours to interested clients to limit the amount of foot traffic through homes.
Pro #2: Uncertain economic future
No one is entirely certain what the long-term impact of COVID-19 will be on the economy. However, it is possible that it could initiate a recession in which home prices may significantly drop. Consequently, you may be able to get more for your home now than you will be able to in six to twelve months.
Pro #3: Limited listings = less competition
There are significantly fewer houses listed than what is typical for this time of year. However, there are still people who due to jobs, life changes, and relocation need to find a home right now. Consequently, if you list your home, you will have far less competition. Consequently, you may be able to secure a higher price for you home. However, if you wait until the crisis has passed, the market is much more likely to be flooded with inventory that people have waited to list.
Con #1: Uncertain times = Uncertain buyers
Due to the uncertain nature of the economy, many buyers may be hesitant to make a significant financial investment at this time. In addition, most real estate has moved virtual at this time due to stay at home orders. A climate such as this may lead buyers to wait until restrictions are lifted and they are able to view homes in person. We are still seeing real estate move at this time (we just had a home sell in a mere two days), but depending on your type of property a sale could be more challenging at this time.
Please contact us today if you're considering listing now or in the near future! We'd love to talk through timing with you, as well as work together to come up with a list of projects you could do during quarantine to help your home sell fast.
I have enjoyed a 30+ year career in real estate, participating in all aspects of the industry including residential, commercial, development, and investment properties. I am excited to have joined the....