Over the past few months, the COVID-19 has upended many of the best-laid plans, both small and large. From family trips to the U.S. economy, pandemic conditions have created uncertainty across the board.
The impact has been especially pronounced on those who were planning on selling their homes, or who had just listed their homes when the shelter in place orders began.
Many home sellers were waiting for March to put their homes on the market, as spring is (traditionally) one of the hottest times of the year to sell. Then the pandemic hit, and many homeowners put their plans on hold.
Those who’d just listed their homes now find themselves in a similar boat. If you’re considering taking your home off the market and waiting out the storm, read on. Maybe selling to a home buying company is a better option.
Housing Market Slowing to a Crawl
In normal times, spring is typically the time to sell. But in 2020? Not so much.
The Wittes found out the hard way. As reported in the Tampa Bay Times, this Florida couple was ready to sell in February but were told that next month would be a better time. They delayed putting their home on the market until the second week in March.
While they initially had multiple showings scheduled — with potential buyers using protection like booties and disinfectant wipes on frequently touched surfaces — the stay-at-home order soon put an end to in-person home tours.
It soon became clear that their house wasn’t selling anytime soon. This put the Wittes in an undesirable position; they’d already purchased a new house in another city and had to move for a new job.
Unfortunately, they are now responsible for paying two mortgages and have had to drop their asking price significantly.
Their story isn’t unique. Almost 900 homes have been removed from the market in the last few weeks in the Tampa Bay area alone.
Home Sellers and Home Buyers Feeling the Pressure
Seller trepidation plays a big role, but buyers are also running scared. As unemployment numbers reach record-breaking highs across the U.S., more Americans than ever are afraid of losing their jobs. This means fewer people are able — or willing — to purchase a house right now.
As more sellers take their homes off the market in an attempt to wait out the pandemic, a shortage of homes causes problems, too.
From Realtors to home inspectors, appraisers to title companies, the slowing housing market creates ripple effects across multiple industries.
Many experts note that until an effective vaccine for COVID-19 is developed and widely distributed, which isn’t expected for at least a year, these conditions may be the “new normal.”
Selling a Home During the Pandemic is Still an Option
If you’re considering selling your home or your home is already on the market, you do have options. You may be able to let your home sit unsold and wait it out… if you’re among the lucky few who are financially able.
But the longer a house sits on the market, the lower its value tends to get. In fact, the length of time unsold is among the factors that can cause property values to decrease.
For homeowners who’ve been affected by rising unemployment, can’t afford to make multiple mortgage payments, or simply must move, waiting it out isn’t an option.
Fortunately, there’s a simple solution: Sell to HomeGo. We are actively purchasing properties, so there is no need to struggle to find a buyer on the traditional market. With HomeGo, you’ll receive a firm offer on the spot — no surprises, no hidden fees, no bait-and-switch.
Often, sales close within 7 days. You won’t have to worry about showings, making repairs, or even contingencies, because your property will be purchased with cash. Don’t let the pandemic cancel your plans to sell in 2020.