Should you still buy or sell a home | in 2020?
It’s not the people with the obvious symptoms that are causing the majority of the spread of the virus but the people with mild symptoms or no symptoms at all, according to research published earlier this week.
If you have considered buying or selling a home in 2020, the recent Cornavirus pandemic probably has you wondering if it is the right decision with so much uncertainty.
First, don’t make a quick decision. Take time to review your situation before deciding to proceed with any real estate transactions. Consider your finances, employment situation, and long-term goals.
Things to consider when selling a home in 2020:
To date, sellers are still selling, and buyers are still buying. While the present situation is creating obstacles, the good news is, agents are still working and taking listings daily.
1. If you don’t put your house on the market, then you’ll never know if it will sell.
You’ll hear plenty of discussion about the real estate market over the next few months. However, it’s important to remember that markets vary based on geographic locations, even neighborhood to neighborhood. The only real way to know if your house will sell is to list it. What’s the worst that can happen, buyers go on strike and your house doesn’t sell?
2. Contract length
Typically, realtors ask you to sign a 6 to 12-month listing agreement. During a busy season, there usually isn’t any problem moving your property. However, during a slow-moving market you do risk the possibility of your listing becoming stale. It may be wise to talk to your realtor about a shorter-term contract so that you can remove your property from the market for a cooling period and relist at a later date.
3. Do you have a place to live
While this may seem like a no-brainer, it really is an important aspect. Should you list your home and it sells, you’ll be needing a place to buy, or rent and will most likely be working with a strict timeline. Make sure you have a plan to ensure an easy transition.
Things to consider when buying a home in 2020:
1. Is your employment secure
Before deciding to go through with a real estate purchase consider the stability of your employment. Are you in an industry that will continue to prosper through this pandemic, or could there be long term negative effects? If there is any doubt to either of these questions you may consider putting your plans on hold.
2. What are your long-term plans for the property
Are you looking to own the property long term, or will you be moving again in the next few years? Buying conditions are favorable for those who plan to stay the duration of their loan term. If moving again soon is in your foreseeable future, you may want to hold off, or consider your option of working with a management company to rent the home for you after relocating.
3.Required down payment
Consider your personal finance, are they prepared for what could be a recession? The closing cost and down payment of a home loan can require a large payment. If you don’t have your personal finances prepared and have a place to live, you may consider keeping the money in savings instead.
No matter your plans, the good news is the real estate industry is caught in the crossfire of this pandemic versus slowing down. The temporary slowdown will likely be followed by a strong rebound once the quarantine is lifted.
Please know that should you chose to buy, sell, or rent during the Safe-at-Home order there are ways to successfully and safely complete your real estate transactions. To continue serving you while keeping everyone safe you will notice us offering virtual tours, video consultations, remote closings, as well as team members wearing protective gear during in-person meetings. For more details on how the market is doing or what buying and selling currently look like, feel free to reach out to our team.
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