School is cancelled and/or happening at home for the rest of the year. Businesses are closing. Folks are encouraged to stay at home and certainly not spend time in groups any larger than 10 people
What does this mean for someone thinking about selling their home? If you were planning to sell your home this Spring, should you list it for sale now, given the current state of affairs?
As usual, it depends...
Yes, you should list your house for sale now...
- Over the past two weeks, new listings still seem to be getting plenty of attention, with multiple showings and often offers in the first few days of being listed for sale. So it seems that many buyers are still just as actively looking for a home to purchase.
- Inventory levels are still quite low, meaning you won't have much competition from other sellers, and there are likely to be plenty of buyers looking your way.
- Buyers are still obtaining ridiculously low mortgage interest rates, allowing them to afford plenty of home and to lock in a low fixed mortgage payment.
No, you should not list your house for sale now...
- If you have concerns about people you don't know walking through your home and potentially touching surfaces, or coughing or sneezing, you might now want to put your house on the market right now if you are still living in the home.
- Prospective buyers won't be the only ones to walk in or around your home - that list will also include the home inspector, appraiser, insurance agent, termite inspector, etc.
- It is possible that buyer activity will slow down, resulting in your house sitting on the market and not selling.
So, plenty of reasons to list your home for sale, and plenty of reasons to hold off on doing so.
All that said, this gets slightly more nuanced once we consider your reasons for selling...
- Are you selling because you have a new job and are leaving the area? You might need to list your home regardless of present circumstances.
- Are you between tenants on your rental property and considering selling the property instead of renting it again? You might want to lease the property for another year and not have the potential uncertainties of selling the present market.
- Are you considering selling to buy something new, or larger, or in a different location, but it's all elective, and you don't have to sell and buy? Maybe you list your home, maybe you don't, hard to say.
- Are you in an undersupplied segment of the local real estate market where homes are going under contract in hours and not days? Maybe it is fine to go ahead and list your house for sale.
- Are you in an oversupplied segment of the local real estate market depending on buyers moving in from out of the area? Maybe you should hold off on listing your house for sale because your segment of the buyer pool might be more diminished than other segments.
So - yes - it depends.
If you were planning to list your house for sale this Spring, the decision to do so is at least a bit more complex than it was previously. Let's talk sooner rather than later (and then on an ongoing basis) to figure out what makes the most sense for you given your circumstances and goals.
