The coronavirus pandemic has made quite an impact on most people’s lives. Besides the risk of falling prey to this unpredictable illness, many found themselves without jobs, struggling to help their children stay on top of school, and canceling plans of all kinds. Many who were meant to move homes this year might have felt it necessary to put this event off. Whether you do not have this luxury or simply want to move, you might be asking yourself whether you should sell your home during the coronavirus pandemic.
The answer will depend on many different factors, mostly individual ones. What we can tell you is that the real estate market actually did not suffer. Like in any other business, real estate agents had to make adjustments to the new and unprecedented situation. But for the most part, they made it work.
Our overview of the current real estate market should help you decide if now is the right time to sell your home.
The steadiness of the market
As a seller, you might be understandably wary of putting your house on the market in this tricky new climate. News reports of rising unemployment rates might make you think you will be hard-pressed to find a suitable buyer for your home. The lack of job stability, you might posit, would make people less likely to run the risks of purchasing a property. However, this has not been the case in reality.
In spring, the US Census Bureau reported an increase in the homeownership rate. There are several reasons for this. Firstly, mortgage interest rates dropped significantly in March when the first wave of the pandemic hit the US. Furthermore, the median household income continues to rise, making people willing to pay more for the property they want. A highly competitive market and an undiminishing number of buyers will be good news for you should you decide to sell your home during the coronavirus pandemic.
However, spring and summer are behind us, and you might experience a bit of a lull if you put your house on the market now. Most people look to move during these seasons, especially those with families. Bear that in mind when making your decision.
If you decide to sell your home during this time, you may be wondering what awaits you when it comes to staging it and hosting viewings. Many real estate agents have provided their clients with the opportunity to buy and sell properties remotely, especially during the lockdown period. Remote selling requires excellent pictures of your home or, even better, a virtual tour. The better you stage your home, and the better the photos are, the more chances you have of getting an acceptable offer.
Hosting an open house comes with a lot of precautionary measures. Agents usually limit the number of persons coming to the tour or organize private one-on-one tours. One tip would be to leave all the lights on and doors open when potential buyers arrive. This limits the need to touch any surfaces like light switches or doorknobs within the home. They should be asked to wear protective masks, and you can place hand sanitizers in strategic positions. Even with all the safety measures, you might still feel uncomfortable having strangers in your home at these uncertain times. If that is the case, opt for a virtual tour even without the lockdown orders in place.
Staging a home
Do not try to save on staging your home if you are selling during the pandemic. If anything, you should put more thought into the staging process, mainly because potential buyers might not be able to see your home in person. If there is a way for you to move out of your home before you sell it, that might be the way to go. It will be safer and easier for you to stage and have people come in for private tours. In this case, leave minimal furniture for staging.
Another benefit of moving into a new place before selling your home, if you can, is that you get the opportunity to focus on decorating your new place to your liking. Decide what you want to bring with you right away, move it, and you will be completely comfortable in no time.
Moving during the coronavirus pandemic
Relocating is stressful in the best of times, as there are so many moving pieces and so much to think of. It is entirely understandable when people feel like they are not up for it with the added risk of getting a deadly disease in the process. However, if you cannot put it off or do not want to, there is a way to do it safely. You can always try to do it on your own, but it might be a good idea to also hire some help in these unprecedented times.
If you still feel anxious about it, know that planning is the key to ensuring your move goes without a hitch. It is particularly important to take care of your expenses not to end up spending much more than you initially expected.
So, should you sell your home during the coronavirus pandemic or wait until it is over? Well, only you can really know the answer to that question. If time is not of the essence, you can wait it out and hope for the best. This will definitely stave off a lot of stress and anxiety you might otherwise experience. On the other hand, if you cannot wait, selling during the pandemic might be a great decision. The market is surprisingly steady, people are interested in buying property, and there are ways to show and sell your home without posing a threat to your or others’ health.
Written By Sophia Perry – Edited by Ashley Pasquale
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