Not a lot of homeowners want to put their homes on the market in the midst of a pandemic, but some do need to move, and it’s not the worst time to sell. Demand for housing is still incredibly strong, despite the hit to the economy, and supply is at a record low.
For the week ending March 9, new listings were down 29% annually, and the total supply of homes for sale was down 19%, according to realtor.com. But now new listings, along with open houses, are starting to pick up as states reopen.
Selling a home is stressful enough, but selling in the age of social distancing may seem even worse, but it doesn’t have to be. Sellers who are allowing individual buyers into the home while they’re still living there should make sure to vet those buyers carefully weed out the neighbors who might just be snooping around. For open houses, masks, sanitizers, shoe coverings, and wipes should be made available at the front door.
Sellers should also be very careful not to overprice their homes. There may be little to choose from on the market right now, but with the economy in free-fall, bidding wars are few and far between.
“Buyers are not desperate, so the pricing strategy still must be sound,” said Rice.
Home prices have not started to fall yet, not nationally, anyway, but the big gains going into this year are gone. Buyers today are more likely to jump at a bargain than they are to pay a premium.
c/o – CNBC