Should I Sell My House Now or Wait Until the Coronavirus Eases Up?

Should You Sell Now or Wait?

It can be difficult to pinpoint the right time to sell a property. There are many moving pieces including time of year, supply and demand, house size, condition, and many more factors. Now, add in an ongoing pandemic. Many sellers want to know if it’s best to sell the house now or wait until the coronavirus eases up and restrictions are lifted. It can be difficult when navigating the coronavirus real estate market. 

If you’re unsure of when the best time to sell your house is, there are a few important facts to understand.

Act Now

Most real estate experts recommend selling your house now instead of waiting because there’s a chance the value of homes can drop in the coming future with the coronavirus real estate market. 

Real estate takes time to be affected by the pandemic, but houses can start to drop each year. Fortunately, housing is more stable than the stock market, but there’s still a risk that it can be affected, and your house can depreciate. 

Right now, home prices are steady on the market, which makes it necessary to sell now instead of waiting.

Keep in Mind Strangers Will Be in Your Home

Keep in mind that you’ll have prospective buyers coming through your home to view it, which can increase your risk of COVID. If your health is compromised or you have a weakened immune system, it may not be better to wait to list the property or to ensure you are not preset for open houses. 

Fortunately, real estate agents follow certain procedures, which include requiring visitors to use hand sanitizer and wear booties inside the home. You can also include a spot where visitors can put gloves on and properly dispose of them.

You can also choose to disinfect the interior setting after having people visit, which includes wiping down the door handles, bathrooms, cabinets, and other areas they may touch.

If you’re at high risk, you may need to prohibit in-person showings, but keep in mind that this can inhibit selling. Buyers typically want to see the inside and outside of the house in-person before they’re willing to make an offer unless they’re relocating from another state.

Have Patience

If you want to sell now instead of waiting, you’ll need to have patience because it can take longer than normal due to the pandemic. The restrictions that are in place can lead to delays with certain phases of the home selling process. You may have to wait longer to find a buyer, clear the title and record the deed, and with receiving your buyer’s mortgage approval.

It’s also important to remember that your contract may include a coronavirus clause, which allows for closing extensions and cancellations without any repercussions with the housing market right now. This can lead to complications and can often be stressful when the potential buyer has the freedom to back out of the deal at any time.

If you want to sell now, but also want to avoid the hassle of coronavirus procedures, open houses and added risk, contact us today. We will safely visit your home either in person or via video and make an on the spot cash offer. The best part? We do not charge commission, cover closing costs and pay you cash for your home.