With every passing day, people have a need to buy and sell homes. That won’t come to a halt during the current pandemic. Life changes don’t stop when we find ourselves in the midst of a recession. If you’ve had a major life change recently, whether with your job or your family situation, you may be in a position where you need to sell your home – and fast. You may be thinking that given the current pandemic time ISN’T on your side, but making a move is still possible. Rest assured, with technology at your side and a smaller pool of competing sellers in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).
You may find yourself in a new career, with a new baby, new multigenerational household arrangement (surprise!), or you just built a home that’s finally ready to move into…or some other major part of your life that has changed in recent weeks. Buyers have those needs too, and that someone is likely looking for a home just like yours.
According to the NAR Flash Survey: Economic Pulse taken April 5 – 6, real estate agents indicate–not surprisingly–that there’s a noticeable decline in current homebuyer interest. It’s not all bad news; 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.
Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.
Less Competition Right Now…
The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.
This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.
Your Trusted Real Estate Advisor Can Help!
Real estate agents are working hard every single day under untraditional circumstances, utilizing technology to help both buyers and sellers who need to continue with their plans. We’re using virtual tours to show homes currently on the market, staying connected with the buyers and sellers through video chats, and leveraging resources to complete transactions electronically. We’re making sure the families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly.
Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in our local market, let’s work together to create a safe and effective plan that works for you and your family.