Can you still sell your house during the coronavirus pandemic?
Can you still sell your house during the coronavirus pandemic?
The selling of a house should also be dependent on a variety of factors , in particular the health and financial circumstances of your family. However, to cut it off: Yes, during the coronavirus pandemic you can still sell a home
It’s fair to say that the coronavirus has changed our lives in more ways than one. So with companies suddenly closing down, people told to live at home, with an infection that is quickly transmitted from person to person, the real estate market and the purchase and sale of homes have definitely changed.
With social distance measures set in place and shelter-in-place orders created in many states, many ask, “Could you sell a house during COVID-19? “In short, the answer to that is yes. Nonetheless, this scenario is special and needs new capital, more flexibility and more imagination to get out.
There are still tons of houses being sold, both on the traditional market and with direct home buyers. Buyers usually go online to search for homes, and right now they have more time to do it! Websites like Facebook and Zillow have reported increases in traffic as people are spending more time at home.
The biggest advantage that sellers have right now is that there is less competition, as many sellers are hitting a break. And with people forced to spend more time at home and find ways to spend time, more eyes might fall on your listing.
What if I need to sell right away?
Were you stuck in a difficult situation before all of this started? We’ve spoken to people in foreclosure, people who needed to sell before buying another home, people who have tenants in their home, and couples going through a divorce and needing to sell. We completely understand your needs and concerns and will do everything we can to get your house sold fast while still receiving a great price!
Will house prices drop due to coronavirus?
Due to COVID-19, house prices are most likely to decrease.
Although interest rate falls and improving credit constraints created traction on the housing sector, the pandemic has modified the scenario.
Consumer trust and workplace safety are key buying choices for a home.
Purchasers could defer to buy property because of coronaviruses such as job losses, reduced hours, no bonus income etc. Buyers can face financial hardships. In the coming months, that could induce household debt to decrease demand.
Furthermore, the prohibition on in-person checks and listings would have a short-term effect on property values.
Even with emergency rate cuts and quantitative easing, house prices will not remain at their current levels.
Experts indicate that house prices will fall as a result of:
- Recession is a significant danger, since two negative quarters of GDP development could arise, and unemployment will rise.
- There are fewer sales and inspections due to social distancing actions and real estate transactions have fallen. The number of people seeing properties has decreased as prospective customers and retailers move online.
- Borrowers are unsure, because they don’t want to take home loans if they aren’t sure they will make repayments. The coronavirus could jeopardize their jobs and income.
How can Local House Buyers help me sell my house in Oklahoma City with everything going on?
Though open houses are usually an efficient tool for showing many people your homes at once, sadly, they are simply not recommended at this point, given the present limitations on big meetings.
A lot of home buyers still want to take an in-home tour before they make an offer.
Simply put, the number of people who come to your home sooner during one of the events is not an easy way to control. It is better to cancel those events and to use other methods to market your homes instead of risking creating an unsafe environment.
It may be wise to take even more precautions, such as asking visitors whether they feel sick at the moment and whether they have recently traveled out of the state. Only make sure you ask your prospective buyers these questions in order to comply with fair housing requirements.
It’s OK to restrict visitors to certain areas
If you’re not all right to let strangers into your home
Local House Buyers will be a big help in this kind of situation.
First, let’s hop on a call to discuss your selling goals and your situation. We can talk on the phone, have a Zoom call, meet up on a Google Hangout, or Facetime, whatever is the easiest for you. We can even do a property walk through with you via video conference! All of this can be done from the comfort of your home without having to come in contact with anyone or go anywhere. No matter what is going on out there, we are still able to serve you, determine the value of your house, and help you sell it quickly.
Should I wait for the Coronavirus to be over before trying to sell my house?
No! Right now is a great time to sell because there is less competition! Many people are holding off, however, there are still people out there who are ready to buy your house right now! Buyers are hungry for properties, and yours might be the one that will catch their eye. By getting the selling process started right now, it ensures you’ll be able to sell faster than those who wait.
Some sellers hesitate to place their homes on the market. The availability is currently low, but the demand of buyers remains strong, making it a good time to list a property when others are reluctant.
Selling your home now versus in a few months might be favored from a price point of view. We know that the market was hot before the coronavirus hit, and that sellers could still have a value reflecting the economic expansion that preceded the crisis. However, as tens of millions of Americans face losing their jobs, a recession is imminent or is already taking shape.
People are doing what they can to adjust rapidly under these situations, so this changing environment will transform the way buyers and sellers handle real estate transactions now and for a long time to come.
We can say here at Local House Buyers we are already suitable in this New Normal.
Can I stay in the house until this is all over?
Yes! You may be hesitant to sell right now because you don’t want to find somewhere else to live during all of this. If you need to stay in the home until this has subsided, we are more than happy to work with you. We are very flexible in our process and will do whatever it takes to make it easy for you to sell your house during the Coronavirus pandemic.
Tips for selling your house during Coronavirus pandemic
No Open House
Don’t hold an open house if you’re planning to sell or get your house listed. It’s too dangerous to see many people from various homes, maybe different towns and states roaming around your home. All of these guests should be strictly controlled and maybe only require so many people at one time. Technology is as smart as it is, but you have to be versatile and innovative in the conventional open house.
Create Virtual Tours
You definitely no longer have to make an open house. Once your house is ready for shooting, go ahead and walk around your home. Go slowly and don’t try to be too nervous or spin too hard. Such videos can be quickly posted and shared with your real estate professionals on a host of real estate ads or you can upload them to a very famous video home. This allows potential purchasers to practically walk through your home with no germs! You may even hire a professional videographer, who will help you out even more! Many of these services may not be operating at the moment.
During the Coronavirus Pandemic, the easiest and quickest way to sell your house is to work with a cash buyer.
Tips From the CDC
While we want to serve our community the best we can through all of this, we also want people to remain safe and vigilant. The CDC is continuously updating its information to help keep people protected from this awful virus. Remember to wash your hands frequently, avoid touching your face, and disinfect the common surfaces throughout the home. Most importantly, check in with your neighbors to make sure they are doing ok and have the supplies they need. We are all in this together!
If you have had to deal with the consequences of the coronavirus pandemic, either from being infected or not being able to work, we understand you may need to sell your house now more than ever before. A difficult situation you have been dealing with before all of this started may now be more pronounced, pushing you even more into a sale. Our team understands what you are going through.
You can use Local House Buyers to get an offer this week if you need to sell your home right now and do not want to run the risk of showing it in the midst of this health crisis.
We are here for you and are prepared to help you with any challenging situation you may be facing. Please reach out to us at any time. 405-395-2085