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Lockdown is easing and businesses are starting to reopen, and the real estate market is returning to something resembling normality. However, with a lengthy selling process and a potential dip in prices on the horizon, is now a good time to sell a house?

Spring is usually prime time for buying and selling a home, with the hope of a new year still lingering in the air. However, in light of COVID-19, the real estate market has experienced uncertainty. The public and businesses have scrambled to adapt to an entirely new way of life, and it feels like everyone is just finding their feet now.

Read on to find out our expert opinion on whether now is a good time to sell a house.

The Process Might Take Longer Than Usual

It usually takes around two months to close a house sale, from start to finish — although you may have been hunting for a new property for much longer. In light of the coronavirus pandemic, this period is likely to increase. Buyers are more cautious in light of physical distancing rules and health and safety procedures, so realtors must adapt to these entirely understandable expectations.

Longer closing time isn’t the only aspect of the process that is likely to affect individual house buyers and sellers. COVID-19 shook the economy, and many people now find themselves in a less stable financial position. As such, mortgage pre-approval might take longer — or buyers who would have qualified before the lockdown might no longer be eligible for loans they’ve applied for.

How Is COVID-19 Affecting Buyer’s Behavior?

Due to the vastly different regulations and markets in each state, selling in some places is much more straightforward than elsewhere. Currently, inventory is low throughout the entire nation. This is the ultimate dictator of house prices, as demand will potentially creep up and outstrip supply, which is what leads to a sustained increase in house prices.

Conversely, low inventory is good news for an astute seller. When there are fewer homes on the market, property buyers have less to choose from. So, even if market prices are lower, you should be able to whip up demand and instigate a bidding war between interested parties.

Most experts agree that now is simply too early to make any concrete judgments about how quickly inventory is likely to bounce back. Plus, the variance in each state is expected to be broad. For example, California’s real estate market is already bouncing back, whereas Louisiana’s is likely to stagnate further.

Presently, it seems as if more deals are falling through due to financial problems incurred directly as a result of COVID-19. Layoffs and the uncertainty of lockdown appears to have made some buyers hesitant. Now the economy is starting to show signs of recovery, these issues will decrease and buyer confidence should be restored in a timely manner. Thankfully, low interest rates are firmly in place in most states to attract serious buyers and stimulate the property market.

Is Now a Good Time to Sell a House?

Property selling and buying certainly haven’t ceased altogether, but expect more caution from potential buyers and don’t be surprised if the transaction is delayed or unconventional. As of yet, property prices haven’t shown a significant slump — although most of the data available is for the first quarter of the calendar year. If your home is prepared and ready for a sale, it’s probably a good idea to act swiftly. Even if it’s only temporary, prices are likely to go down in the coming months, so we’d recommend getting ahead of the competition.

Circumstances often dictate when it’s time to sell your home and move to a new property. If you let the coronavirus pandemic delay your plans for years, you’re likely to regret it in the future. Although many of us are shaken up from the fundamental changes to our lifestyles, the time to act is right now.

Real estate is considered an essential service in most states, so it stayed open during the shelter in place order and the entire market didn’t grind to a halt. This is part of the reason why experts are reasonably confident that any dent in our bustling property market will quickly straighten out as confidence is restored.

House-Showings During the Coronavirus Lockdown

Many sellers naturally assume that house showings haven’t been possible during the lockdown. However, agents are using in-person showings, open houses with limited numbers and virtual showings. Strict guidelines are in place, such as requirements to wear shoe coverings, regularly use hand sanitizer and not allowing more than 10 guests per open house. Most real estate agents aren’t reporting a significant drop in the number of showings they’re carrying out, but the entire process is taking a little longer.

You’re particularly lucky if you’ve already moved from your old home and live in a new property. The open-house-style showings seem to be proving the most popular with buyers under the current government regulations. When no-one is living in a house, people looking around have more confidence with regards to health and safety.

Sell Your House In Bucks County, Montgomery County and Philadelphia

Most states experienced positive growth in the housing market over the last year. Thanks to swift action from state legislators, property prices don’t appear to have taken a serious hit. However, we can’t be sure how buyer confidence is going to change and evolve over the coming months, so our advice is to move quickly and sell while you have the opportunity to request the current asking prices.

Tri-County Team has over 50 years of residential and commercial real estate experience, and we’re passionate about serving our community. Call us today at 215-431-7970 to find out how we can help you prepare for and make a house sale in the current climate.

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