What was once expected to be a busy and profitable spring season is now seen to be one of the most upsetting in history has ever seen. Many markets, real estate included, have been widely affected by the coronavirus pandemic which has forced states to shut down business in order to stop the spread of COVID-19. This shutdown, in turn, has left many people unemployed. This sudden switch from our regular lives to days spent in quarantine will likely affect us for the next few months in some way or another.
If you're someone who was preparing to sell their home, you're probably wondering what is in store for real estate this spring and summer? Here's what you can expect.
Slower Processes
Every state has their own set of rules when it comes to differentiating between businesses that are essential and those that are not. Real estate doesn't just include Realtors. It also involves inspectors, appraisers, title companies, contactors, and more. Because some of these services are temporarily closed or open with limitations, the processes surrounding buying a house might come with delays. As a seller, speak to your real estate agent about adding a coronavirus clause to your contract that accounts for any illness related delays. This will not only protect you, but also everyone else involved in the process in the event that someone contracts the illness.
More Virtual Showings
Who would have thought that the future of real estate would involve people viewing houses without ever having to leave their own home. While this new change might not appear ideal at first, it actually comes with a list of benefits in addition to it being safer during an outbreak. For example, you can do a pre-recorded video that showcases your house in an artistic way if you do it properly. Additionally, virtual showings are less time consuming for everyone involved since nobody needs to leave their home or physically prepare themselves for an in-person meeting.
Less Home Improvement Projects
Because of coronavirus, a lot of construction and contracting companies were either shut down or had their services restricted. In addition to the legal aspect of this, many homeowners are either on a stricter budget due to layoffs or reduced hours, don't want to run the risk of inviting others into their home, or both. We can expect to see more people opting for DIY projects in order to prepare their homes for sale instead of hiring a team of builders.
Lower Competition
If you're wondering if you should sell before a recession, the answer isn't super clear. Every real estate market is different, meaning that they're all experiencing different levels of success with selling homes. Many people in the country are facing unemployment struggles with businesses closing, making them hesitant to move forward with purchasing a home. One thing to consider is that even though the competition for those buying homes is lower, top agents in the country are still reporting that deals are being closed. Whether or not you decide to sell during this time is up to you and your agent's judgement.
