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We moved here 8 years ago and had intentions of moving from our current home closer to where the kids will attend high school and where we'd like to be as empty nesters. It is now upon us and we are ready to sell. What is everyone's opinion on how the virus will effect things? I see one school is going virtual next week and I know ours is preparing in case that needs to happen. Sounds extra fun keeping the house 'perfect' with them home. Torn as to whether we go ahead and list or wait until next spring. How do you think the market will be effected?
Now is a good time to list in terms of the interest rate being so low. Traffic won't be super high, but there are people who are going to want to take advantage of the timing. But yes, it's an inconvenient time to keep your house show-ready. I say maybe be prepared to list as soon as things start calming down and kids go back to school?
I think this is going to be our realtors opinion, she said sooner the better a week ago but a lot has happened since then. I suspect she'll push the interest rates angle and say to proceed. We could rent if we sold and don't find anything but prefer not to when moving is a 'want' and not a 'need'. One realtor we spoke with said traffic is low, not to expect a lot of showings, and likely only 10 before it is sold. Sounds heavenly, not sure I can believe that though.
Anything anyone offers as an opinion is based on quite literally nothing reliable (sorry, don't mean to insult anyone). This is an unprecedented event and so nothing useful is available to extrapolate from to frame this.
If it were me, I'd continue forward with my plans to at least begin generating interest via a "Coming Soon" strategy. There's no time frame for how long this situation might last and where safe to do so, we should continue living our lives. At least once this subsides you'll already be in a good position to continue forward. But again, that's just what I would so.
I'd be more concerned as a seller than a buyer, I wouldn't want people coming into my house. And just because someone can afford your house doesn't mean they are mentally stable or unselfish (see: the UTAH JAZZ player who rubbed his hands all over microphones and recorders, SEE the passenger who boarded the JetBlue flight from NYC to FL knowing they were sick, SEE the person who licked a subway pole in NYC). Hard enough to keep your house show ready without having to disinfect it every time it's shown. Just me. A few months won't make a difference and this will all be over, somehow, by summer most likely.
The cool thing about the business we are in is that EVERYONE has a basic need for shelter.
If you have a mid-market to starter home, I would suggest put it on the market without further thought about COVID-19.
Buyers in those ranges are desperate for good inventory.
Yes, we have a pandemic. Yes, people will die, sadly. But, it should be transitory and should not impact your ability to move, or your long-term goals.
Any realtor serious about making $$$$ is going to recommend you list your house asap (and with them of course) as that is their bread & butter and it's a highly competitive environment with many realtors going after the biz.
Waiting a year... does it matter? Will it matter? No idea. No one knows.
Think about what's best for you/your family and go from there.
A few months won't make a difference and this will all be over, somehow, by summer most likely.
That was my line of thinking, too, but now I am not so confident about that (not like I ever actually knew). The way the virus is spreading is not a good sign. A sampling of just over 100 subjects shows that two strains exist. That alone isn't very concerning, but with over 100,000 infected worldwide, you can be sure there are more than just two strains. Eventually, what that could mean, is that people who have recovered from the virus could become reinfected. Oh, and don't believe what some people are parroting about warm weather spelling the end of the virus. That's ignorant silly talk.
More important than any of that, though, is there are other pressures being exerted on the markets, and even if COVID-19 is brought under control, things could remain ugly.
I'm still not scared of the virus, but I am waiting for opportunities that it will bring about.
If I were in the OP's position, I would list the house. Especially if the house is "desirable". List it and have at least two open houses. Actually, if it were me, I'd keep it and rent it out. Maybe do a lease with an option to purchase. I never sell any house that I buy with the exception of one that I just bought, and am selling it via a lease with option.
Good Luck to the OP!
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