Should I buy or sell now?
Here we are, a few weeks into this chaotic Coronavirus COVID 19 pandemic. To anyone who comes across this post, I hope you and your family are safe and healthy! We, have been focusing on the bright side of things in this ever changing journey we’re all on. It will pass, so hang in there, and remain strong!
I have people reach out to me asking questions about whether or not they should buy or sell right now. While currently, the market is really strong, Real Estate is a slower process than what you are seeing with the rest of the economy. Buying and Selling Real Estate is just a longer process in general, so everything that is going on currently in the economy may not be transparent for what’s going on in the real estate world.
What is the point of this blog?
The point is to reach out to my SELLERS. I have many sellers in the database that have considered selling between now and within the next year. I’m sensing some hesitation from some of them since the breakout, and rightfully so. However, I want to make the point why that may not be such a good idea. As I said, Real Estate is usually a few months behind. This could mean that for sellers, what your home is currently worth right now may be vastly different in the months to come. Even to those sellers who have another agent, It’s my strong recommendation that if you were already thinking of selling, you might as well do it while we know the market is strong and your home value will stay strong. It is up to the Seller to accept an offer, if you are not happy with an offer wait for the next one. Actually the risk is with the Buyer not Seller as the Seller is the one who decides what price the home should be sold for. With the lower inventory of homes and the current Sellers market, it probably is the best time for the Seller to list the property For Sale, as the Seller will never know if they will get the price unless they put it up For Sale and not miss out on that interested Buyer!
I can’t predict the future, especially not during these unprecedented times, but I do know that values are currently still very strong and our properties are still selling for top dollar! Now more than ever before, you will need an agent who knows how to market a property online digitally and virtually.
Take action, and at least know your home value! Remember, It’s FREE!
BUYERS - You have to be thinking:
1) How Long Do I Plan to Own the Property?
If you plan to live in the home for the term of the loan then the buying conditions are actually favorable in terms of the available interest rates!
2) “Well I will just wait until the home prices drop some”. While that may be a good strategy if you are a cash buyer, how many buyers have a few hundred thousand dollars lying around? NOT MANY! The reason I say this is because it is likely that rates will not be able to continue at the historic low price they have been, especially not when all this chaos settles. For example, most buyers are paying with financing terms. If you bought a $400,000 home now paying 3.5% rate, you would get a better deal than if you waited, spent $350,000 at a 5% rate. Also, for those who don't have amazing credit, the restrictions will likely become tougher as well.
I'm not saying all of this to scare you, is my job to help my clients make the best financial moves for their family when it comes to buying and selling real estate. That is what this post is meant to do.
Thank you for reading!
Stephanie Welke, REALTOR®
Stephanie Sells Coastal VA
757-477-2272
StephanieSellsCoastalVA@gmail.com
StephanieSellsCoastalVA.com
