Even in pre-pandemic times, selling a home is a long and stressful process. In the age of COVID-19, there are added complications around every corner.
The housing market in the Empire State has been all over the map since the state shut down to slow the spread of the virus. With the uncertainty of the times, is it worth selling your home right now?
Here’s an in-depth look at the pros and cons of selling during a global pandemic.
Pros of Selling During the Coronavirus Pandemic
Low-Interest Rates for Buyers – In New York, the interest rates for a 30-year-mortgage are at an all-time low. These rates are encouraging buyers to come out from under their shells and start perusing the market again. More buyers in a time when there are very few houses on the market is good news for sellers.
Fewer Houses for Sale = Less Competition – Due to the 3-month economic shutdown in New York in early 2020, home sales were put on hold for several weeks while in-person home showings were suspended. Many sellers took their homes off the market completely, and the number of houses sold in this state remains lower than in previous years. Fewer homes for sale means that buyers will be lining up at the door of any home that is listed for sale. Less competition for sellers, more for buyers. It’s a perfect recipe for a quick home sale.
Virtual Home Tours – During the time that no in-person house showings were allowed, technology took over and virtual home tours became the new normal. Virtual tours offer flexibility for those outside of your immediate area to view your home while also giving you the ability to highlight your homes best features.
Cons of Selling During the Coronavirus Pandemic
Uncertain Market – Since March 2020, this state’s housing market has been uncertain, at best. House sales stopped completely for several months, and then spiked dramatically once the market reopened. These hills and valleys in the market trends perpetuate the uncertainty of the times, especially when you consider the possibility of selling a home. Those who bought their homes at the peak of the market might feel more comfortable watching and waiting for things to stabilize.
Buyers Expect the “COVID Discount” – So much in our world has changed because of the Coronavirus, and part of that is that people expect things to be cheaper and more affordable. You might get more low-ball offers on your home from buyers who believe that things should cost less now. It’s important to keep your expectations high and push back against low offers.
Delays – Although our society is adapting to utilizing technology for new ways to do things, you should still expect delays in home sales during the age of Coronavirus. Illness may cause the involved parties to request extended deadlines, among other possible delays.
WNY Home Buyers Will Buy Your Home!
If you’re considering selling your home in Buffalo, New York, WNY Home Buyers can help. Whether you live in Grand Island or Rochester, we buy homes of any size, in any condition, for cash! No need to wonder what the housing market is doing. Our process takes away the stress of selling a home, even during Coronavirus times. Contact us today for your cash offer!