We’re living in unprecedented times, I know. We get many people asking us, “selling your house during coronavirus?! How is that possible?!” The fact that handshakes are no longer tolerated (especially in Europe and Asia), tells you everything you need to know about what coronavirus has done to our society. So widespread has the disease become that the World Health Organization recently declared it a pandemic. President Trump once suspended European travel, and countries like Italy were in total lockdown.
The coronavirus has affected everything from sports events to real estate. People have become paranoid about purchasing houses that many real estate companies have seen a fall in their share prices on the stock market. However, a business must go on (even though some might argue otherwise), and that’s why we’ve compiled a list of the advantages and disadvantages of selling your house in Washington at this moment in time. Here are some pros and cons if you are asking yourself, “how is it possible selling your house during Coronavirus?”
Pros
- High buyer traffic
Despite the coronavirus concerns, most realtors are witnessing an increase in buyer traffic. Realtors like Spokane (Washington) are getting more multiple offers than they’ve ever seen. It’s safe to say that the virus has not yet had a negative influence on their market. If you’re thinking, “should I sell my house in Washington” now or wait until the pandemic is mitigated, I suggest you go for the former.
With interest rates dropping at an alarming rate, smart investors are wasting no time in trying to invest. Say, for instance, you get five offers (which is highly likely at this time) compared to one. I bet I can sell my house fast in Seattle when there’s a bidding war compared to when there’s none.
- You may get more money from the sale
Since there’s high buyer traffic, particularly in Phoenix, you might not require the services of a real estate agent. If I sell my house Washington myself, I could pocket extra thousands of dollars depending on my home’s value. This is because real estate agents always require a commission of any potential sale.
Although it’s easier said than done, there’s no better time to attempt this trick than now. Despite the National Association of Realtors (NAR) saying that more than 90% of homeowners fail to sell their houses without an agent, I believe you can be among the successful 10%.
- You will have total control over the sale
When I sell my house fast Washington myself, I will be in total control of the whole process. There will be no listening to anyone’s ideas about marketing, pricing, negotiation, or house preparation. All those decisions rest up to you. Of course, there’s good and bad about this. You will be your boss but are likely to lose the valuable expertise and counsel of a skilled worker.
- You can give your full attention to the sale of your house
Now that there are travel and movement restrictions, you can spare all your free energy and time to the sale. You can market your home extensively and show the house to potential buyers at any moment during the day and evening. There’s a likelihood you will be available to converse to buyers any time they might ring.
The best thing is as soon as you come into contact with an infected person, you will be required to self-isolate for 14 days. If you usually work during the day or night, you can use this to your advantage and speak to potential clients with a mask on, of course.
Cons
- There may not be as much financial gain as you imagine
According to NAR’s chief economist, Lawrence Yun, the spread of COVID-19 and the unpredictability of how the economy will play out are hurdles to home selling. This is because transactions involving homes are significant commitments. The crash of the stock market has raised economic anxieties, while the sudden drop in interest may entice some potential clients to take advantage of the lucrative affordability conditions.
In a statement, Yun revealed that it’s very early to evaluate whether low-interest rates can supersede health and economic anxieties. However, a NAR’s survey implied that because of the coronavirus pandemic, home sales could drop 10% countrywide.
- Marketing may not be pure without an established connection
Listing your home online doesn’t need much effort. However, good marketing makes sure your listing is noticed by potential buyers who share similar tastes. Not only will an agent list your house online, but he or she will spread the word out to their contact list and network of agents.
If you decide to go solo, you are likely to miss out on reaching a pool of buyers that can never be accessed by online listings. Top-tier real estate agents own websites that are far more compelling than hundreds, if not thousands, of other web page listings. Some websites owned by real estate agents are prospect magnets.
- You might contract the virus
Welcoming strangers frequently at this moment in time carries enormous risks. Coronavirus can be spread by a cough or sneeze, and if a potential buyer happens to be a carrier, there’s a 90% chance he or she will infect you through a handshake or something. I know medical experts have said that COVID-19 isn’t as deadly as once feared, but if your immune system is weak, the virus can easily take you down. The last thing you need is to die before you get to enjoy the fruits of your labor.
- Buyers might take you for a ride
There’s a chance you might get buyers who assume you are open to selling for less because you don’t have a real estate agent representing you. Handling such buyers is something you’ll have to deal with. Don’t be fooled into thinking that you’re going to pocket every penny of the sale. What you should know is that most clients also want to have a slice of the pie (real estate commission savings).
Conclusion
Not since the Chinese flu (ironic since COVID-19 originated from Wuhan, China) in the 20th Century has the world become this scared. However, if you exercise caution and professionally go about your business, you are likely to squeeze a good deal out of potential buyers. All the best for those who are wondering and asking themselves “how selling your house during coronavirus” is possible. It definitely is at HelloPad! Call us today!