While many homeowners had good intentions of selling their homes this past spring, the pandemic had thrown an imposed change into their plan. Some have resumed their plans once the local districts had loosened up their restrictions while others debate whether they put their home on the market now or wait until later on. If you have the luxury of selling whenever you wish, here are some things to consider.
Home Value Trends
Unlike the stock market which can rise or drop significantly in a day, the real estate market typically takes some time should there be larger corrections. Recent reports have shown that mortgage applications for new purchases have been on the rise and with a lack of inventory some markets are seeing a faster rate of home sales and for rising prices. Depending on your particular home and plan, now may be a good time for you to sell.
This brings us to your property’s type, price point and location. Reports have indicated that some properties of lower price points have been selling more quickly than those of the high end. Also, suburban markets have appeared to be busier than those that are more urban.
There are a few considerations for marketability of your home. First, marketing your home in the best light and to the best ability virtually is paramount. Giving all buyers the ability to preview the home online and from all possible angles is most helpful during these current times. Also, if the property is vacant or currently occupied can impact the ease of a sale these days. In the best case scenario vacant homes are most ideal. If the home is occupied by you then you must identify your level of comfort with buyers viewing it in person. Those being occupied by tenants are proving to be among the most challenging.
In the end you will need to assess your own financial stability with regards to moving to your next home. Your job security should be examined for both income and for your mortgage approval during these times. One thing to also note is that purchase and sale contracts are now being written with a coronavirus clause which can permit closing extensions or cancellations without financial repercussions. This is something to realize as you make your plans.