Coronavirus Real Estate Market Trends, and What it Means for Selling Your Home
The coronavirus pandemic has created a lot of uncertainty in real estate markets all over the country. Real estate activity has dropped dramatically. Many people are putting off both buying and selling their homes.
There is some good news for both buyers and sellers, though. Banks are offering historically low mortgage rates. And, home prices haven’t really started to drop, at least not yet. But, millions of people have lost their jobs at least temporarily, and millions more are worried about their financial future. And, the social distancing guidelines that are helping us fight the virus also make buying and selling more difficult.
Selling Your Home Versus Waiting
While many people are currently putting off selling their homes, it is very difficult to say when the real estate market may get back to normal. There is a good chance the economic uncertainty the virus is creating could depress the market for the next couple years, and home prices could eventually start falling. And, if people who are waiting to sell all put their homes on the market at once, that will also make selling your home more difficult.
It’s a tough call, and there is no right answer. But the markets are actually in a better position right now than most people realize, even if a lot of people aren’t buying. Yes, the market activity may increase gradually if you wait a few months or a year, but waiting to sell your home also carries risks. It may not help you sell faster, or get a better selling price. In fact, there is a decent chance that before long, home values may start falling. And it could take two years or more for them to regain their current value.
The coronavirus may have thrown the economy, the real estate markets and our lives into disarray, but life hasn’t stopped for the coronavirus either. And, the reality is many people cannot afford to wait to sell their home. Maybe you’ve been planning to move into a retirement community, or the economic uncertainty is pushing you to downsize. Maybe the responsibilities of being a landlord or keeping up with repairs are becoming too great, or you need the cash from an extra property. Whatever the reason, you do have several options for selling your home.
Depending on your situation, you may want to work with a realtor who can help show your home virtually. Trying to sell your home yourself is also an option. But, the market is so slow right now that it’s unlikely you’ll get much interest. Or, you can sell your home to a real estate investor for cash.
Selling your home for cash is the fastest, easiest, and most reliable way to sell your home, especially in a slow market. And, it never hurts to explore your options. So, if you’re considering selling your home, haven’t had any luck selling because of the coronavirus, or are trying to decide whether to sell now or later, why not request a free offer? There’s no pressure, and no obligation. But, it can help you decide whether or not you’re ready to sell.