Pros and Cons of Listing Your Home for Sale During COVID-19
If you're like some, you've spent the better part of last fall decluttering your home with the intention of listing during the hot spring market. Everything was on track until COVID-19 appeared and caused an unnatural and immediate slowdown (among other things).
You many be in a situation where you need to move or perhaps you've decided that you are not spending one more winter in your current home. In either case, moving is on your mind but you are stymied as to what to do next given the current state of affairs and the many unknowns.
Buying and selling a home is a very personal decision.
To help you decide what's best for you, here are some of the positives and negatives of listing your home for sale under COVID-19 protocols:
On the plus side:
- People are at home and spending more time on the internet looking at homes (Google sites about a 20% increase in online use).
- Mortgage interest rates are low and are forecasted to stay that way.
- The only market we are sure of is “today”. However, my experience tells me that if the market slumps, then it is better to sell at the top of the slump rather than waiting until the market rebounds. Historically, market rebounds can take a few years.
- The real estate industry has embraced technology with staging, viewings, offers, sign-backs, inspections, financing and closings being handled virtually. Seek out the creative agents who will facilitate your decision.
- The Procenko Group is using all the tools at our disposal to market homes without access (if needed). Every day new technologies are coming into the marketplace to assist us to reach the next level in virtual marketing.
- There is a huge need for more homes in the Greater Toronto Area. There is still more demand than supply. Supply is even less today as Sellers have been reticent to go to the market due to Coronavirus.
- Whether the market is up or down, it is the delta between what you buy and what you sell that seldom changes. Stay focused on the delta.
- Staging consultations can be done virtually and your home staged while following safety protocols.
On the minus side:
- It is best to leave your home for each showing, which can be an inconvenience.
- Access to the home is required for photos, virtual walk-throughs and 3D Matterport photos. The strictest of procedures and protocols are followed during these appointments.
- We will have to be very sensitive to our list price. After 16 years of price increases and a strong market, you may not be comfortable with getting less than your neighbour got a few months ago (but remember the delta!).
- If you sell, there may be less selection for buying.
Taking the leap to the market at any time has pluses and minuses. If there is a need to do so today, write down the pros and cons as they apply to your personal situation.
Your Realtor is there to provide guidance and to answer your questions. Make sure you are assessing your situation and what a sale of the property will accomplish for you. Challenge often brings opportunity.
We are concerned with the shift in the economy, and of course, sympathetic with the stress that the unknown may have for all of us - both in health and daily life. We are happy to be your guide through whatever decision you choose.