Many homeowners had good intentions of selling their homes this past spring but the pandemic had thrown a wrench into their plan. While some had resumed with their plans once the local districts had loosened up their restrictions others debate whether they put their home on the market now or wait until later. If you have the luxury of selling on your own timeline, here are some things to consider.
Current Home Values
Unlike the stock market which can dramatically rise or drop in a day, the real estate market does typically take some time should there be major adjustments. Recent reports show mortgage applications for new purchases have been on the rise and with slim inventory some markets are experiencing a faster rate of home sales and for solid prices. Depending on your particular home and plan, now may be a good time to sell.
This brings us to your specific property type, price point and location. Reports have shown that some properties of lower price points have been selling faster than those of the high end. Additionally, suburban markets have indicated to be busier than those that are more urban or congested.
There are a few considerations for marketability. First, and as most agents are prepared to do, marketing your home in the best light and to the best ability virtually is key. Giving all buyers the chance to preview the home online from all possible angles is most helpful during these current times. Additionally, whether the property is vacant or occupied can impact the ease of a sale more these days. In the best case scenario vacant homes are most ideal. Should the home be occupied by you then you must consider your level of comfort with buyers touring it. Those being occupied by tenants are proving to be among the more challenging.
Finally, you will need to assess your financial stability with regards to moving to your next residence. Your job security should be looked at for both income and for your mortgage approval during these times. One thing to also consider is contracts are now being written with a coronavirus clause which can permit closing extensions or cancelations without financial repercussions. This is something to factor into your plans.