Should I sell now or wait till Corona Virus is over?

Posted by Brad Officer on Friday, April 10th, 2020 at 11:04am.

Should I sell my house now or wait till corona virus is over

A lot of home owners with big plans are going through this internal debate right now. A lot of questions are starting to float around.  Here are some of the questions we've fielded:

Are people still buying homes during the Corona Virus Pandemic?

Should I sell now while prices are still high?

Are home prices going down because of Corona?

Should I wait till the Corona Virus is over to sell my home? 

I'll answer all of these independently, but to summarize my recommendation:  You should only sell now if you meet all or most of these bullet points:   

  • Your home is market ready:  It's tight, nothing left undone, it's super clean and decluttered, no outstanding maintenance, no "ugh" factor when a Realtor walks through with their clients.  You intend to keep it this way until the day of closing.
  • You have a place to move to:  You've identified and preferably secured your next place.  There are less houses on the market, so finding something after you go to contract to sell your existing home is not a wise move.  
  • You are willing to price it accurately:  No point in shooting for the moon during a pandemic.  Price the home accurately.  Your goal is to have very few people tromping through the home touching everything you own.  You want a solid buyer to walk in and buy it.  
  • You are willing to allow showings:  Ugh, I know.  This is very difficult.  You don't have to allow showings, in fact our local MLS has a new category for home Sellers that won't allow showings.... I personally call it the "Unsold Category".  I've very rarely had home buyers purchase a home that they haven't personally walked into.  It happens sure, but it's just a huge road block to not allow showings.   
  • Your home is currently vacant:  Best case scenario.  The house is currently vacant, cleaned, and ready for occupancy.  It'll get more showings and thus increasing the opportunity to sell fast.  

Now on to answering these most common questions about selling a home during the Corona Virus Pandemic.  

Are people still buying homes during the Corona Virus Pandemic?

Yes, but we will absolutely see a large quantity drop off in year over year purchases.  Makes sense that less people are wanting to move right now, but also makes sense that some people have to move right now.  So yes people are still buying and selling homes during the corona virus shutdown, but just far fewer.  

Should I sell now while prices are still high?

I can't predict the future, but I'm strongly against the notion that home prices will plummet.  You can read my article here, "Is the Housing Market Going to Collapse In Florida".  I do believe we could see some small reductions in prices over time, but the demand for housing is still there.  If you are trying to sell to beat "a collapse", that's not a great reason at the moment.  You could end up giving away too much equity out of fear alone.  

Are home prices going down because of Corona?

Again, see my article linked above.  I'm bullish on the local housing market and especially the Florida housing market as a whole.  We have all the right things:  climate, no state income tax, space to move around, the opportunity to live on or near the waterfront, country clubs are relatively affordable and plenty to choose from, and pool homes can be used nearly year round (with a heater).  I just don't see a huge price drop in our real estate market due to the Corona virus. 

Should I wait till the Corona Virus is over to sell my home?

If you can wait, yes wait.  If you need to sell now, then sell now.  Selling right now is doable, but it's just more difficult.  Restrictions in social distancing, open houses, and the ability to show houses are definitely more restrictive than in non-pandemic times. That being said, we are still showing and selling houses.  If you gotta go, then go.    

Thank you in advance for Sharing!

 

Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.

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