Should You Sell Your Home Now Or Wait Until The End Of The Pandemic?
If you're planning to put your house on the market, you may be wondering whether it would be best to do it now or wait until the pandemic is completely over. The answer to that question is different for every homeowner, but it's generally best to put it on the market now as opposed to waiting for the pandemic to subside. These tips can help you to decide if you want to put your house on the market:
1. Don't Wait If You Are In Financial Need
If you need to move because of a new job or are struggling to make ends meet, do not wait to liquidate your property until the crisis is over. In fact, most experts believe that there will be lasting effects of the pandemic well into 2021. Furthermore, there is a risk that real estate prices could drop even further in the coming months, and the market could be extremely slow to recover.
2. Understand That You May Not Get As Much For Your Home Now
If you do need to put your home on the market, it's important to realize that you are likely to get much less for it than you would normally. In order to create an effective financial plan during these challenging economic times, it's essential to take this into account. Fortunately, a skilled realtor will help to ensure that you get as much as possible for your home, and they can help you to estimate its value.
3. Know That The Covid-19 Crisis Could Go On For A Very Long Time
While most experts agree that the effects of the virus on the economy will last well into 2021, there could be lingering impacts that go on for even longer. In fact, it's possible that there could be economic effects for another two years or more. Also, a second wave of the virus in the fall could cause a sudden and precipitous drop in real estate prices.
In fact, many experts believe that cases could spike higher than ever before this fall. Unless you are able to wait a long time before putting your home on the market, there's a very good chance that selling now rather than later is the best move.
4. Realize That Lower Priced Homes Are More Likely To Sell Quickly
Due to the fact that many people are facing financial hardship, a lot of people are actually wanting to downsize these days. As a result, it's much easier to find buyers for lower-priced homes. However, you should not reduce the price of your home to less than what it's potentially worth.
5. Vacating Your Home Will Greatly Increase Your Chances Of Finding A Buyer
Due to social distancing, buyers are much more likely to be interested in viewing a home that is vacant. However, you'll need to be able to find temporary housing in order to vacate your home. You'll also need to make sure that you leave your home clean before you vacate. It's best to get it professionally cleaned if this is possible.
6. Create A Plan To Obtain Temporary Housing After The Sale If Necessary
There is a possibility that you'll find it difficult to purchase a new home quickly. As a result, it's essential that you have a plan to obtain temporary housing in the community that you'll be relocating to. Landlords tend to require more extensive credit checks than usual, which means that it's more important than ever to always pay your bills on time.
7. Even If You Think You Can Wait It Out, Selling Now May Still Be The Best Option
Some of the jobs that have been lost during the pandemic are not coming back anytime soon. As a result, the markets are likely to remain slow for quite some time, and they may even be slower than they were before the pandemic indefinitely. So, it actually may be possible to liquidate your property for a higher price now than you'd be able to anytime in the foreseeable future.
8. Keep Some Of The Money From The Sale In A Savings Account
Due to the instability of today's economy, it's best to not spend the entire amount from the sale of your home on a new property. That's because unemployment is at an all-time high, and it's important to have some money set aside if you unexpectedly lose your job or have your hours reduced by the crisis.