You have a house in Stockton. It’s a good market, but you don’t know what to do with your property during a pandemic. Maybe you were already thinking of selling it. Maybe you’ve even bought another house. Or maybe you’re trying to liquidate to avoid future financial issues. But is it the right time to sell during a pandemic?
The Pros and Cons of Selling Your House During a Pandemic
The coronavirus pandemic has impacted society in unprecedented ways. It’s no wonder that many analysts and experts are hesitating to give definitive advice. In the real estate market, you’ll see people in two camps: those who want to wait and see, and those who advise selling now. Here are the pros and cons of either argument.
Pros of Selling Now
- You have less competition. Fewer people are selling their homes during the pandemic, which means those who are searching for homes have fewer options. There will always be people looking to buy property, and even if there are fewer buyers out there, there are fewer sellers too.
- The terms are quite favorable. People are entering into the market because interest rates are low and lending is cheap. Cheap lending means that buyers can afford more, which means they will often bid more. Plus, there are buyers out there, even if a recession may be approaching. And mentioning that …
- A recession may be approaching. Now may be the best time in a very long time to sell your home, because real estate values may plummet if a recession does occur — and it’s very likely a recession will occur. Real estate values could be lower for the next decade or more, so it makes sense to sell a house now and get your money out.
Cons of Selling Now
- There are fewer buyers. While there are buyers out there, there are fewer of them. You may find yourself waiting longer to sell your house.
- You may not want to move. Many people are wary of making major decisions during a pandemic because they don’t know what could happen in the future.
- Renovations may be difficult. Repairs and renovations can be difficult to acquire in a world when many contractors aren’t working.
So, should you sell your house during a pandemic? It’s likely that now is the most optimal time. While you might need to wait a little longer for your house to move, there’s no guarantee that it isn’t about to get far more difficult to sell.
Cash Buyers: The Best Option for Home Sellers
As you can see, the major con is that it may take longer to sell. But there’s a way around that.
Cash buyers will purchase your house in cash quickly. You don’t need to make any modifications, repairs, or renovations to the house. You’ll get fair market value for the property. A cash home-buying company is able to do renovations and repairs on their own quite quickly, so they are able to pay more for the property than they otherwise could.
But what if you’re concerned about moving? There’s an answer for that, too. A professional house-buying company can make arrangements with you so you can sell your house now and remain in it until after the pandemic. You can stay in your home and be comfortable while still reaping the benefits of selling it.
If you’ve been thinking about selling your home, you owe it to yourself to explore all your options. At Frank Buys Houses, we provide fair cash offers to home sellers. We can give you a quote and purchase your house fast, so you don’t need to worry about the current market. Contact us today to find out more.