American Homeowners selling their homes can be broadly categorized as:
A) Home Sellers who WANT to SELL.
B) Home Sellers who NEED to SELL.
The difference has a strong influence on real estate transactions in “normal” times, but right now, that difference is massive.
The Sellers’ situation is critical to decide if a home should be put on the market now.
The biggest variable today is uncertainty and the fear that comes with it.
That’s why Sellers who were on the market and decide to withdraw, and Sellers who are not marketing their property right now and decide to not start altogether, can’t be blamed. In fact many are deciding to stay put and wait for better times to get the most out of their home sale. As long as they can afford to do so for a while, it’s a reasonable choice, impossible to say whether it’s right or wrong for them, but very understandable in these circumstances.
That’s unfortunate for agents, brokers and all other real estate professionals who depend on real estate transactions and there can’t be home sales without home sellers.
Of course real estate is local, but the impact of the outbreak has hit all markets to at least some degree, directly or indirectly.
With market activity based on inventory depending on Sellers’ strategies and decisions one thing is certain:
If YOU‘re a Seller who NEEDS to SELL, you need to do it now!
Market aggressively while we’re still high on the price curve. Any day that goes by, drop in values accelerates. Don’t waste time!
Get the best agent that you can trust, get the home as sale ready as possible, pre-inspect, pre-appraise, stage, make repairs, do what it takes, as long as you follow safety protocols.
If that doesn’t work, or if you don’t want to risk not finding an end Buyer despite all the effort, there’s always the possibility that an investor may be interested.
If it can be a good and ready rental, landlords, including foreign investors, could be the right buyers.
There are also general cash buyers who can always buy quickly without too much hassle, but be prepared to accept much less than hoped for because cash is being reserved for the stronger opportunities.
It’s crazy to use cash in this market as it can only be used once while loans are extremely hard to get.
If the home is family-friendly and in habitable shape, investors on terms like us @ Proxima Investors are ready to BUY and that could be a great option if you want it done and off your back. (top 5 reasons to sell to Proxima Investors)
If instead YOU just WANT to SELL, you can market it casually and on comfortable terms waiting for a satisfactory offer, you never know. However, the risk is a long time dealing with prospects and eventually ending up with a stale listing which always devalues a home and makes it harder even once everything goes back to normal.
Buyers NEVER like homes which have not found a buyer in a long time and tend to view them as market rejects. Unfortunately for these Sellers, information about the price history of homes is very easily accessible nowadays and almost all Buyers (or their agents) look at it making their own judgements.
In this case maybe waiting would be a good idea!