Selling house during COVID-19 pandemic doesn’t seem like a smart decision at a first glance. However, there is more to it than meets the eye. There are both pros and cons to selling house during COVID-19 crisis.
They say timing is everything, and for those who plan to sell their house, current time period provides a certain amount of challenges. Selling house during COVID-19 pandemic seems like a risky move, but if you do everything right, you can profit.
Selling house during COVID-19 has a few catches. Public onset auctions and open houses aren’t recommended, but you can still schedule one-on-one inspections, as well as online auctions. These may be a bit problematic for people trying to sell the traditional way. The main question ends up being: “Should I sell my house now or wait?”
Even though the market has changed, it hasn’t stopped. This means that selling house during COVID-19 is unique, but it isn’t impossible. It requires a bit more patience and readiness to accept the changes that none of us could guess would happen just a few months ago. Here are some pros and cons of selling your house now to help you make the right decision.
How Is COVID-19 Pandemic Impacting the Home Selling Process?
The COVID-19 pandemic brought us some safety precaution measures that have changed the experience of the home selling process. This is mostly due to the social distancing, which switched everything into the online space. To prevent the spreading of illness, the recommended physical distance between two people is 6 feet. These prevention measures also include staying in home, cancelling events that include a lot of people, working from home and similar.
When it comes to selling house during COVID-19 pandemic, this means changing the entire process that used to be face-to-face. Social distancing means cancelling open houses and house walkthroughs Everything is digital, meetings are virtual and everyone is doing its best to adjust the appraisal and closing process to make it safer. Not only that, but the buyers and sellers are trying to avoid personal viewings of the home, afraid of getting sick. Buyers fear going into spaces that they think maybe aren’t well sanitized, while sellers don’t want strangers in their property. Both parties are having concerns that are making this process longer than usual.
Pros of Selling House Now:
The social distancing precaution measures, as well as financial impact of COVID-19, has given some pros to people who are selling house now.
First and foremost, there is less competition, as most home sellers have decided to delay their activities. This also means that there sellers have a more to say when selling, as there are higher chances of several buyers appearing for the same appealing property. The number of buyers is also growing, mostly because now they can get better terms on their mortgage due to the federal rate cut. More buyers means higher chances of selling your house fast and making a large profit.
Home selling process is a bit easier to arrange now, as well. As there are no open houses, you no longer have to worry about keeping your house fully prepared at all times. You can stage it, photograph and record it, and then simply do a video tour once you have a potential buyer who seems interested enough. Just make sure you are doing this the right way, or even better, hire a professional photographer, as this will be what ultimately sells your property. If you ensure a good first impression, you have likely ensured yourself a deal.
Cons of Selling House Now:
Despite many pros, there are several disadvantages to selling your house now.
First and foremost, even though there is shortage of housing supply, especially compared to the number of buyers, there is still a lack of homebuyers in total. In other words, if your house isn’t appealing, chances are you won’t find a good buyer if you’ve listed your house on MLS. Many people have decided to keep their savings in fear of losing a job and buying a house is no longer their highest priority.
You may even end up with finding the right buyer, but the bank won’t approve his loan. This is a common occurrence nowadays, as unstable economics and people losing jobs make it more risky for lenders to just approve a mortgage for someone.
Not just that, but social distancing means that you as a seller will be responsible for making your house appealing to the buyers. Having bunch of people doing repairs and staging is no longer a safe option, so all of this is up to you – unless you have time to spare hiring people one by one.
What Is the Best Option for Selling House during COVID-19 Crisis?
If you want to sell your house fast, and don’t want to risk it in such an uncertain time in history, don’t worry – you can sell your Milwaukee house quickly even during the COVID-19 pandemic! You just have to find a reliable direct house buyer such as Sparks Property Investors LLC who will take your unwanted house off your hands.
In times of crisis, direct buyers are typically considered a better option compared to traditional selling methods, such as FSBO or listing with an agent. They are a certain buyer that won’t get denied by a lender, which means you won’t end up losing a deal. At the same time, they will pay in cash, so you don’t have to worry about waiting for the money to load. We at Sparks Property Investors LLC think this is really import in today’s world, where everyone is in a difficult financial situation. This is why we do our best to make this process as easy as possible for everyone.
Also, direct buyers will be able to close the sale much faster compared to traditional buyers – sometimes even in just 7 days! And if you are worried about staging a house as a preparation for the sale, you will be glad to hear most direct buyers, including us, are buying houses as-is. This means that there are no repairs and staging needed. We will do as much as we can online, so that both parties remain safe and satisfied.