Globally and Nationally the outbreak of coronavirus has disrupted the lives of people. In every country, people are striving to cope with the situations and facing difficulty in managing their finances. This is happening as millions of people have lost their jobs and they do not have any source of income. This shows that the future is quite uncertain and you have to make every decision by taking into consideration all the important factors that will have a great impact on you and your household.
In such a situation, if you choose to sell your home would be actually difficult. One of the best way if possible for you to sell your house is vacant to reduce the impact of covid worries that you may have. We have a partnership that allows homeowners to prequalify to buy their next home and then sell their current house. Before listing your house on the real estate portal, have you considered the present market scenario? Will you be following all the safety guidelines while selling out your home during a pandemic?
These questions might stress you out, but they are essential factors that you should take into consideration if you have already decided to sell the house.
Well, here are some advantages and disadvantages of selling your house during the pandemic.
Advantages of Selling The House During The COVID-19 Pandemic:
#1 The Price of homes are increasing:
You might think that due to the pandemic, the economy of the country is being affected but real estate transactions have a different approach. It has been revealed that there are definite advantages to selling your home in the midst of a pandemic, as home prices are expected to rise in near future. So as a home seller, you can expect a high-profit margin when you sell your home.
#2 Real Estate Market Have Made Amendments In the Home Loans:
Right now, due to the uncertain situation, the home loan interest rate has gone remarkably down to record low levels. The low-interest rate on home loans has encouraged the buyers to get off the fence and made it easier to buy residential properties. So this seems to be the right time to put your property on the market for sale. It will attract buyers, and you could close the deal within a short period of time.
#3 The Upcoming Time Will Have Inventory Shortage In The Residential Real Estate Market:
Well if the residential properties are less and the demand is more, it indicated that the real estate market would be in the favor of sellers. This inventory shortage in the residential real estate market will drive up prices and cause bidding wars, all good news for sellers. If you are waiting for the impact of the COVID-19 virus to reduce then it could be too late. You can reap the advantages of the real estate market now to gain a possible higher profit margin.
Disadvantages of Selling The House During The COVID-19 Pandemic:
Well, when you hear that the real estate market would be in the favor of the home sellers, you would be excited to sell out your home right away. But do not jump into any decision without thinking about the consequences that you might have to face in the upcoming time
#1 There Is Uncertainty In The Real Estate Market:
Well, the people (especially the buyers) are frightened right now. They are unable to think straight and due to this everything seems quite uncertain. As a home seller, you would not like your potential buyers to be uncertain about their buying decisions. This will not impact your offers. Their uncertainty can impact the transaction during the home inspection. They are worried about property reliability more so today than in prior years. This is why we recommend doing a pre go to market home inspection and have everything fix properly prior to going live in the MLS.
#2. Prospective Buyers Are Not In Favour Of Virtual House Tours:
Still today, there are many buyers who would like to inspect the house in-person rather than just having a virtual tour. But due to guidelines laid by the government that traditional house viewing tours are out off.
Whether you want to sell your house or not is completely your decision. But as per the expert real estate agents, it is recommended that you take into consideration all the pros and cons along with the current real estate market situation before you put your house on the real estate portals.