Everyone’s talking about it… the COVID-19 pandemic seemed to hit the United States very suddenly, and it left a lot of us feeling shocked and unprepared. Though not everyone is going to be affected in the same way, it’s no doubt that our collective economy will change in some shape or form, and that includes the realty business.
Of course, realtors are having to move a lot of their business practices online, which is made possible through the technological advancements we’re lucky enough to have in this day and age. However, not everyone is in the position to buy or sell their homes- even in the midst of the spring selling season. Whether you were already in the process of buying or selling a home or were simply on the fence, we want to present our clients with a list of items to think about in order to gage if this is a smart decision for your family during this time.
Buying:
How long do you see yourself living in the home you’re considering purchasing? If you’re confident that you’ll be staying in this home for the foreseeable future– at least through the duration of your loan term, the current interest rate options may mean that purchasing now is a smart move. However, if you know you are likely to be moving around within the next few years, you may want to hold off and see how the duration of the pandemic affects your financial situation.
How secure do you feel in your employment situation at the moment? If you’re not classified as an essential worker, you may be feeling financial strain or uncertainty during this time. Even if you’re able to work from home, do you foresee any possible ramifications that may affect the profitability of your business in the near future? Really consider all possibilities before making such a large purchase.
Selling:
First things first, remember that any potential risks lie with the buyer, not the seller. The risk comes when the buyer makes a purchase, not the seller receiving a down payment from said buyer. So, if you’re looking to sell your home you might as well put it on the market- the worst thing that can happen is that it doesn’t sell.
Do you have a place to live if your house does sell? Once a seller sells their home, they then become the buyer looking for a new place. Consequently, you’d need to ask yourself the same questions we outlined above for our potential buyers. If you don’t already have a home to move into once you sell, you may consider waiting until the pandemic passes to list your home.
If you do decide to sell your home, avoid long-term listing agreements. Instead, a short 90-day listing is recommended during this time- as any longer may drastically affect the amount of money you make off the sale of your house. If it doesn’t sell in 90 days, you can simply take it off the market and try again once things begin moving more quickly.
These are hard times for everyone, and everyone’s situation looks different. If you have any specific questions about buying or selling during this time, we’re here to help with anything you need! Give us a call at (832)-866-6122 or contact us through our website. We look forward to hearing from you.
