COVID 19 Real Estate Market

A lot of buyers and sellers are wondering about Covid-19 and the real estate market.  Should I buy right now?  Should I sell right now?

Well, if you are wondering if you should buy or sell a home right now with Covid-19 – this blog post is for you. Let’s break down the benefits of selling and buying a home right now.  As always, reach out to discuss your specific situation!  

IF YOU ARE A BUYER:

1. Rates are still low. We don’t know what they will be in the future, but we do know what they are right now.

2. Desperate Sellers: There are sellers that HAVE to sell right now. They might be in contract to purchase another home or they might be moving out of state. There are situations that will work to your advantage out there. It takes a little more work and digging on your realtors part, but there are great opportunities.

3. We are seeing more credits and price reductions to get the deal done. No Seller is going to want to have to come back to market, so this may work out very well for your purchase and negotiating power.

4. Before we were in the COVID pandemic there was a lot of competition in the market. Right now we are seeing less of this. Some Buyers have lost jobs or decided to put their search on hold. Now is the time to take advantage of this!

5. What is your situation? That is always the most important factor. If you need to buy right now because your current living situation needs to change or is being forced to change, you’ll have to make these moves.

6. We know what we know right now. The future is uncertain. It is a good time to be pre-approved and ready if the right property comes to market!

IF YOU ARE A SELLER:

1. Rates are low. This works to your advantage if you are purchasing a replacement property and it works nicely because buyers are still incentivized to be in the market.

2. Those buyers that are serious are STILL seriously looking. Don’t think that they aren’t!

3. Make sure your property is properly being marketed. That means professional photos AND – A MUST RIGHT NOW – virtual and/or video tours. You may also want to do room measurements and photos of other things or inspections ahead of time to provide as much information up front.

4. Make sure you are priced correctly in any market. This is always something that is important. If you are priced too high no one will be interested.

5. Days on Market I do not believe will be judged like before because we have shifted and needed to get more marketing collateral on properties. If you aren’t marketed properly and don’t have the right marketing materials, you are going to see that things will sit.

6. What’s your situation? Do you need to move? Are you willing to gamble waiting down the line to sell? Everyone’s situation is a little different and it’s important to discuss this with a professional taking into account all factors.

7. We know what we know. If you are ready to go live, and you got what you wanted what is the harm in coming to market now? If you wait, you don’t know what will change. Are you willing to gamble in hoping that you’ll get something better than now? I think right now we know what we know and the more time that goes by things can change more.

If you have questions about the COVID 19 and the Real Estate Market, feel free to reach out to discuss. If you enjoyed this article, you might be interested in How to Sell a Home During Covid-19.