Pros & Cons: Listing Your Home During COVID-19

Posted by Jenni Barnett on Friday, May 29th, 2020 at 9:00am.

Springtime is the most popular time for homeowners to list their homes for sale. However, given the health crisis (and financial crisis for many), you may be wondering if it's still a good idea to sell your home this spring. What are the pros and cons of selling your home during the pandemic?

Here are two sides to that coin.


 

Pros of Selling Your Home This Spring

Mortgage rates are currently competitive, and many experts believe they'll hover on the low end of the spectrum. With rates so low, and the uncertainty of when they will rise again, homebuyers will be looking to capitalize on this opportunity. This puts your listing in a great position, and finding a buyer despite the challenges should still be easy. Looking at it from a mortgage rate perspective, it's a green light for selling your home this spring.

There's talk that we are heading towards a recession and for a good reason: COVID-19. However, we're are not currently in that position, so that means that consumers are likely still feeling confident about making large purchases. Once the economy turns in three, six, or 12 months from now, homebuyer's attitudes are likely to change. Listing your home during a recession could mean you will get less than the asking price you want.


 

Cons of Selling Your Home This Spring

With the nation's heightened caution for personal health and the guidelines from the Centers for Disease Control (CDC) to social distance to minimize exposure to germs, having people come to your home for a showing may not be a wise idea.

Fortunately, there are alternatives to having a traditional open house. Virtual showcases were already popular, and many real estate agents offer this feature. Another option is to vacate the home while your real estate agent shows it to a prospective buyer. But that is not always feasible and may not be something that all the participants are comfortable with.

Without a doubt, selling a home this spring given our current circumstances is challenging, and unlike any other real estate environment we've experienced before. However, much like other markets, home buying and selling are always occurring. Are you selling your home to buy another? Contact Legacy Home Loans to lock in your rate!


Brought to you by Legacy Home Loans. Legacy's goal is to provide home loans to clients while providing them with the lowest interest rates and closing costs possible. Furthermore, they pledge to help borrowers overcome roadblocks that can arise while securing a loan. 

To learn more, visit: mylegacylender.com

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