Selling your house during the COVID-19 pandemic is a personal decision. And not an easy one to make. Today I want to go over some of the relevant financial variables, obvious health concerns and some of the local government regulations to help aid in this decision making process.
Now, you had plans to sell your home when the virus came to our city, like others in our town. Considering that there will be lingering effects of this situation not just in coming months, but in coming years, we can’t expect to see any specific sign anytime soon that tells us to proceed as planned.
The real estate market is not like the stock market where we’re going to see large shifts day over day. It takes time for depreciation of values to begin taking affect, and a while yet again to see values go back up. And right now, values are trending upward on a national level. That means that your chances of getting the value you want or need from your home are better now than they may be in the future.
Now, some homes are going to be easier to sell than others in this type of unusual market. Generally, higher priced homes may not sell as quickly. The median home values in middle Tennessee vary by the county, the city, even the zip code, so it’s important to know where your house lies in the grand scheme of the market. Essentially, you need to know how your property compares to those around you.
Other factors that affect the ability to sell right now are online presence and marketability. You need to have online resources for people to do virtual tours before they commit to doing a physical walkthrough, when possible. You need to have a website for your house. Everything that your house has that someone might be looking for should be searchable.
Also, vacant properties are getting a little more attention than occupied properties, because people feel a lot safer visiting them. An important part of the buying process is getting out and stepping into various homes just to see how it feels. So again, your online presence can help with that, and will encourage more people to come visit. But a house staying on the market a little longer than normal right now, doesn’t scare off buyers like it might under other circumstances.
In terms of safety, we’re all playing the same game here in town. I’m asking sellers to have the lights on and interior doors open, especially if a home is occupied, for showings. But you can also provide hand sanitizer or gloves at the door, and at minimum request that people wear masks when they enter your house. It’s common practice, and in these times, it is not an unusual request.
But this is the biggest concern for most people; Can you handle strangers coming through your house right now? That’s the first hurdle to cross. It may not be a big concern for you if you plan to rent or simply leave the house vacant.
The normal considerations of selling a house also apply right now. Temporary housing may be needed, which will be determined by your income security and credit score. However, since all parts of the market are being affected, you’ll want to have a clear temporary, or back up housing plan in case it takes a little longer to sell than you can buy, or vice versa.
In terms of government regulations: Real estate is considered an essential business. So I am, as are all the agents I work with, being diligent and careful about our practices to better serve this community. The process is not more complicated, but we do have new Coronavirus-related changes to the legal and financial side of the transaction. This includes clauses that effect earnest money and title companies aren’t letting as many people through the door at closing, which I’ve covered in another related video.
If you’d like a free Broker Price Opinion of your house to aid in your decision, visit my site today and I can help. At least you’ll know what your house should be worth now, and you can keep an eye on the pulse of the market as things change. And if you do decide to go ahead and sell, let’s talk about what that might look like, and what I’m seeing on the market today.
I’ll talk to you soon.