Coronavirus has given us situations unexpected. It seems the world has been turned upside down by a small virus, still unknown. We don’t know how to fight this invisible enemy. There is a little clue. All we know is that “stay-at-home” orders were issued. Hundreds of thousands of people have lost their jobs, and many are left wondering about the economy. Pandemic has affected almost every industry in the country.
The real estate sector is no exception. Sellers had to cancel open house events. Many of you decided to pull off listings from the MLS. Buyers are hesitant about the purchase as banks now have a stricter lending criterion. It would be difficult to qualify if you have a low credit score or a small down payment. You need to play better if you want to buy a house.
The Spring season is here. It is the traditional time of selling or buying a house. In fact, many people sell their current residence and use the proceeds to invest in their next home.
Many of us were planning to sell our homes in the spring season. After all, that’s the time when families start searching for a home before the schools open. Most sellers had even begun preparations until all this came up. Now the condition is slowly improving. The lockdown is being lifted in many parts of the country. We might be able to resume normal operations in less-hit areas. However, the situation still brings up questions for the future.
Yes, it is possible. Hundreds of people have sold their houses during the pandemic. The challenges are different this time as we need to find creative ways to sell a home. Thanks to technology, you can use video tours and digital signatures to finalize the deal.
There will be no open house events. You cannot allow strangers in the house, and you need to follow precautionary measures for the well-being of your family. Fewer buyers are searching for a house, and fewer sellers are listing their homes.
What we noticed is that digital tools are working for pending deals. Let say you were planning to sell your house in early April. You almost finalized your transaction with a buyer. Casual delays were postponing the sale, and then we all had to stop our operations. If you have already found a buyer, you can use virtual tours or e-signatures to coordinate together. Title companies can arrange a smooth closing, and you can sell your house.
The problem begins when you have a house that is not yet on the market. Let’s say the home was listed, but you haven’t found a buyer. You have to start the process from level zero. Rules have changed, and it is unfamiliar territory.
Many sellers are wondering about the economy. Unlike anything else before, coronavirus is bringing financial challenges. We still don’t know about its full impact on the economy. We are left wondering whether the circumstances will improve for better or worse. How will the housing market react to this situation?
It is still a question. One thing is sure that the housing market is going to change. The upcoming elections, winter season, and another wave of this pandemic are not welcoming signs.
If you are looking to sell your home, the right time might be now. Contact us to arrange a sale of your home with all precautionary measures.