If you were planning to put your house up for sale before the coronavirus pandemic caused the economy to falter, you may be wondering if you should go ahead and list your home. If you need to move soon because you plan to start a new job, you have already made an offer on another house or you were struggling to keep up with your mortgage payments before the COVID-19 outbreak, listing your house could be a wise move, despite the current uncertainty.
Reasons to Sell Your Home Now
In some cases, sellers have taken their homes off the market or decided to wait to list them. That means that overall inventory is lower than usual. With a smaller supply of houses available, you may have a better chance of selling your home quickly.
It’s still too early to predict all the economic ramifications of the COVID-19 pandemic. Some analysts expect home prices to decline. If that happens, listing your home now could allow you to sell it for a good price before prices fall.
The economic impact of the coronavirus prompted the Federal Reserve to lower interest rates. That led to a reduction in mortgage rates. People who were thinking about buying a house prior to the pandemic may be inclined to go ahead with their plans to take advantage of low interest rates, provided their jobs and incomes are secure.
With so many people home all day, they have plenty of free time on their hands and are looking for things to do. Those who were thinking about buying a home can peruse listings online. Although some areas have banned in-person home showings, real estate agents across the country are offering virtual reality tours. Many started doing that before the coronavirus outbreak and have recently stepped up those efforts.
What to Expect if You Decide to Sell Your Home During the COVID-19 Pandemic
Home sales are considered an “essential service,” which means a deal could still go ahead, although it might take longer to close than it ordinarily would. Home inspections and appraisals may take longer since many businesses are closed. Inspectors and appraisers may also be nervous about going to houses, especially if people are still living there, due to concerns about contracting the virus. Getting approved for a home loan may take longer than usual because many employees are working from home and lower interest rates have triggered a spike in mortgage refinance applications. Virtual closings are permitted in some areas, but not others.
The coronavirus has created anxiety and uncertainty in all aspects of life, but that doesn’t mean that you have to put your plan to sell your house on hold. In fact, moving ahead might be a smart decision since so many others have decided to step back and wait. Talk to your real estate agent about local market conditions and how the coronavirus has affected the ability to close a deal.
