The coronavirus has upended many of our lives in more ways than one. With businesses temporarily shutting down and people stuck in their homes, the virus has undoubtedly changed the way society works. The same goes for the real estate industry. However, is it the right time to sell your real estate in this period?
For many property professionals, it is an acknowledged fact that competition is low right now, which is the biggest advantage real estate sellers can have as many sellers are hitting a pause. Along with the masses being forced to stay indoors and find ways to preoccupied their time, there would be more eyes that will fall on your listing.
Nevertheless, keep in mind that although this period may have lesser competition, you may also have fewer buyers. The top priority of the public’s focus would be on their health and safety, so there would be less interest in property hunting at the moment. Viewing the home for sale would also be impossible with the restriction of movement and many would not want to risk their health.
With the uncertainty of the economy, it is also not guaranteed that buyers would be able to make their house payment in the future due to the possibility of jobs laid off. A wiser choice for many would be to wait it out and see where their finances are once the pandemic has passed. Even if you are a seller who has a vast pool of potential buyers with a virtual view of your real estate, your prospect for sales can be harm if you could not give off a great first impression online.
Should you still sell a home during this situation? Whether it’s the right time is highly dependent on you. If your situation is concerns about your finances, experiencing job loss and cut hours, or in good financial standing and must sell at this time.
Understanding your situation would be the key to increasing the chances of you having the best deal.