As COVID-19 drags on, many people have been wondering about whether you should sell your home during the pandemic, or wait for normal conditions to return and the real estate market to stabilize. The answer to that depends on many different factors, but for some, it’s never been a better time to buy, or sell your home. Sale prices are spiking and interest rates are lower than ever!
Can you sell your home during coronavirus?
Yes! Many people have been able to sell their house or property during the pandemic. Even if you live in a city or state where serious health restrictions are still imposed, homeowners and real estate agents have found creative ways to list and sell properties. Sellers have shifted to doing virtual tours of houses, videos or 3D street-view type exploration of a property, and have been exploring new contact-free ways of conducting transactions.
The state of the real estate market
A global pandemic can cause all kinds of disruptions in the regular order of things, whether our day to day lives, our health, the way we organize our towns and cities, even the international economy. During COVID-19, many employers have shifted to allowing employees to telecommute, and work from home online, some for good.
Add to that the fact that many big city, urban dwellers are realizing the drawbacks of living in densely populated areas when a disaster like a pandemic strikes. Ability to access resources and exposure to health risks become very real concerns, and many city slickers are deciding to give up their metropolitan lives for a more socially-distanced life in the suburbs or rural areas.
This adds up to lots of potential new buyers for people living in those areas, and in some places, sale prices have skyrocketed, even if property values haven’t. One homeowner in rural northern California recently sold a house valued at $240,000 for $350,000! That’s more than a $100,000 difference in sale price, and a very good selling decision by the former owner, who was already looking to move out of the area before the pandemic.
Options to sell your home during the pandemic
If you’re thinking about selling, time may be a factor. If you’ve been furloughed from your job, laid off, or otherwise affected by the severe economic downturn we’re experiencing due to the pandemic, you may be looking at your house as an asset whose cash value has never been better. For you and other sellers, there are two main options for selling your house:
List your home for sale with a traditional real estate agent
This is the safest option for selling a home, will get you the highest price, and a knowledgeable professional will handle listing, showing, and selling your house. However, this route will also take the longest. A typical sale process involves inspections, possible renovations or repairs, a lengthy bidding process, and waiting on sale offers to be accepted or rejected. Also, listing your home on the open housing market means you will face increased competition from other sellers in the same area, who may be selling for the same reason.
Work with a fast cash offer home buyer
Your other option is to choose a cash buyer real estate investor, who can evaluate your property and make you a cash offer right away, sometimes even within 24-48 hours. These offers typically range from 60% all the way up to 95% of your home’s current street value, depending on its condition. Investors such as KM Home Buyers can evaluate your property, make you an offer, and close the deal within seven days or less!
Why you should consider selling to a cash buyer real estate investor
Real estate investors specialize in buying and re-selling, or “flipping” residential and commercial real estate. Their interest is in buying low and selling high, which is why many investors are interested in distressed properties that need repairs, or whose owners are under liens, foreclosures, or other legal determinations which could affect the sale price. If your home falls under one of these categories, it might be worth considering a cash buyer.
Also, if you’ve been negatively impacted by the pandemic, selling while you can and moving somewhere else might be the best option for you. If you want to live closer to your loved ones for health issues or other needs, cash buyers can help you sell your property fast. Not to mention that crime and delinquency have spiked in many areas during the economic shutdown. If your formerly idyllic street has taken a turn for the surreal, it might not be a place you want to live any more.
How to sell your home during the pandemic
Whether you’re selling through a real estate agent or to a cash home buyer, the housing market has adapted to the “new normal” and there are plenty of safe and easy ways to conduct real estate transactions. Video open houses and 3D virtual tours of properties have become common. Buyers are making offers and closing deals virtually, without ever having set foot in the property, and drive-by signings have become common.
Cash buyers have adopted many of the same techniques. They can work with you to tour the property over the internet, send you the offer, and sign all the paperwork in a no-touch, contact-free process that gets cash into your bank account, and get your house off your hands fast.
Now is the best time to think about selling your home fast for cash
The real estate market fluctuates all the time, but if you’re thinking about selling your house, this might be a historic opportunity to get the best sale price. With urban dwellers fleeing the cities in record numbers, and home prices spiking in suburban and rural areas, it’s never been a better time for property owners to get the best offer for their home.
Get in touch with KM Home Buyers today, get a free, no-obligation, fast cash offer to sell your home, and see how easy the process can be!