Little by little, we adapt to the “new normal,” but there is still a long way to go. Life goes on, and so does the buying and selling of real estate. So, it is prevalent for many potential sellers to ask themselves these questions: can I sell my house during the COVID-19 crisis? Should I wait? Is it an opportunity?
It will depend on the type of property you offer on the market, the urgency you have to sell it, and the area you live in. It also depends on the resources you have to make the sale effective without exposing yourself or others along the way.
1. The Real Estate Sales Industry Will Never Be The Same
The way we now work, socialize, buy and prioritize things are different. The pandemic has arrived to transform the way we live as we know it, and home sales are no exception. So the only thing left is to adapt to the new way of life.
2. Health Concerns and Stay-at-home Orders
These orders caused fewer buyers to look for homes and fewer sellers or allow strangers into their homes during a pandemic. At the same time, the health crisis took an economic toll on job losses and uncertainty. Meaning a considerable percentage of people don’t have the income to buy a new house.
3. A significant Decrease in Demand for New Home Sales Leads to a Dropped In Prices
A decrease in demand doesn’t mean you have to decrease the value, economically speaking, of your house by simply selling it soon. You can always wait for the right moment when this situation improves by constantly researching how the market performs.
In the face of the COVID-19 health, regulations emerged, limiting interaction with other people and affecting spaces, in this case, how we sell or buy homes as we know it. However, countless solutions have also emerged to continue interacting with other people and being in places virtually. This created an advantage for both sides.
If you want to sell your home independently, it could be complicated. Selling your home before the pandemic involved too many steps to carry out, causing stress, and now it has doubled.
Thanks to the development of apps and technology for real estate, it has become affordable to keep selling your home on the market. You can consider the following:
Do not rush to accept or reject an offer immediately; it is perfectly normal to think things over for a day or two. Find out if the potential buyer has to sell a house to move, as this could delay the speed of the sale.
If it’s a cash buyer, this is positive, as it suggests a faster sale. If they are not a cash buyer and need a mortgage for purchase, it is worth asking if they have an approved mortgage in principle. If an offer arrives from a buyer during a time of mandatory isolation or stay-at-home order, your real estate agent can still submit the offer virtually using applications or teleconferencing services.
Social distancing rules specific to events occurring in your region may influence how a typical sales transaction occurs. These exceptions likely are designed to smooth the real estate contract process temporarily. Talk to your real estate agent or attorney about the possible use of virtual signatures on your purchase contract and closing documents.
Realtors and home sellers are taking extraordinary steps to address the challenges of the COVID-19 crisis and its effect on housing markets. To help their clients view homes for sale, more and more realtors are posting virtual home tours on their websites or YouTube channels. Realtors can also conduct virtual tours with their smartphones, allowing buyers to view homes and ask questions in real-time.
I Will Buy House offers a unique solution above all other methods to homeowners who want to sell their houses fast. If you live in Lynwood, WA, this is your opportunity to sell your home with us.
We are prepared and capitalized to buy your property regardless of size, repairs to be made, and type of home. With us, you sell fast, pay no commissions, no closing costs, no repairs, and don’t depend on a bank to approve loans. I Will buy House purchase houses for cash in Lynwood, WA.