Everyone would agree how the global health crisis and its impact on our lives have had millions of people hit pause on their big plans. The coronavirus pandemic called everything into question, including home buying and selling. Many people ask whether it’s still possible to sell or buy a house with everything that’s going on right now. The simple answer is yes.
However, the process might include new challenges. With social distancing protocols and other restrictions in place, real estate and mortgage professionals have had to change their strategies. But that shouldn’t keep you from considering your options. Read on to gain some ideas about the housing market amid the pandemic.
Right now, it’s a buyer’s market. So, if you’re willing to take a slight gamble, this could be an excellent time to buy a house. Just don’t rush into it. Investments after lockdown pose some risks. But it boils down to how you can swing the odds in your favor. As unemployment soars, many will feel the suffocating financial squeeze. Interest rates may remain low because of this. But you can still take a little risk, buy wisely, and hold on. If you’re lucky enough to have access to capital, then bid fiercely now. Put a bid on the table that’s about 20 percent below the asking price. Sellers who’re in dire need of liquidity will indeed find it hard to refuse. Take a 10-year review. The recovery will take a while, so be patient.
But if the thought of completing a sale only fills you with dread, what you can do is take some steps to prepare. As a prospective homebuyer, you have to ensure that you’ve got everything in order. This way, you can proceed with your purchase as soon as the restrictions ease off and something that resembles normalcy returns. Start by consolidating your finances and assessing your mortgage options. This will help put you in a stronger position once things go back to how they were before.
Let’s face it — real estate isn’t exactly the booming sellers’ market at the moment. But that doesn’t necessarily mean it’s a terrible time to list your property. After all, the decision on determining the best time to list your house is by looking to the future. Start by asking yourself how important it is to sell your home within the next few years. If you say it’s imperative, it’s recommended to make adjustments to your expectations on the price. It might also be an excellent idea to get on the market now. Don’t wait for more inventory to come in, which will only further depress it. Depending on your location, it’s likely that you might have to come down on your asking price. This way, you can close a deal. It’s too early to identify precisely the true impact of the pandemic on the market. But you can look at historical sales data to come up with the best asking price. The best way to determine your property’s real value, though, is to work with a real estate agent.
Were you in the process of buying or selling your house before the pandemic began? If you’ve been asking yourself whether to wait or move forward, it’s essential to check with the experts to make an informed decision.
Learn more about buying and selling a home right now, contact Vincent Morris Team in Encinitas, California at (760) 249-7654 to make an appointment.