Selling Your Home in the COVID-19 Marketplace

Selling Your Home in the COVID-19 Marketplace

0 Flares 0 Flares ×

The coronavirus outbreak is changing the way real estate agents conduct open houses, but the long-term impact on the housing market depends on the virus’ still-undetermined effect on the economy, local real estate experts said.  Already, some agents said the handshakes that used to be common at open houses are out, replaced by a fist bump, elbow bump or friendly wave. Agents said they carefully disinfect surfaces before and after open houses, and they offer hand sanitizer and wipes if they can.  The extent of the precautions depends if the seller lives in the house, it depends if the seller has kids, it depends if the seller is elderly, there are a lot of factors that go into it.

A survey by the National Association of Realtors found that one in four home-sellers are changing the way their home is viewed due to concerns about the virus, such as stopping open houses or requiring visitors to sanitize their hands, the trade group said.  The pandemic is likely to at least postpone some home sales.

The concern is the uncertainty related to the pandemic. There’s no clear consensus on how long before it peaks.  Once the crisis passes, there could be a surge of home sales due to a significant release of pent-up demand.  Despite the uncertainty, many believe the local housing market will remain strong, since many buyers want to take advantage of record-low interest rates or need more space to accommodate a growing family.

Mortgage giant Freddie Mac reported last week the average home loan rate was 3.29 percent, the lowest since its record-keeping began in 1971.  In addition to low mortgage rates, scarce inventory and the high cost of renting will continue to buoy the housing market.

There’s another way.  If you are wanting to sell your house and don’t want to deal with open houses and people walking through your home, especially in these uncertain times, you can sell through a real estate investment company like Promise Properties, LLC.

Promise Properties is a real estate investment company that removes the variables from the sales process and buys properties, in any condition or situation, directly from the owners. Promise Properties buys all types of real estate from single family homes to small apartment buildings to multifamily homes such as duplexes, triplexes, and quads throughout the country.  If you are a property owner and have questions about avoiding foreclosure, if you’ve inherited a property you don’t want, if you’re tired of being a landlord or simply want to sell your property quickly and for the best price, contact Promise Properties today.