There is absolutely no doubt that the coronavirus pandemic has had a profound effect on the global economy and in particular on real estate. In truth however, we still aren’t fully aware of what that impact will be. In the beginning of the pandemic it was generally considered that prices would plummet, but this hasn’t in fact been the case. Some experts in the industry have been getting things wrong, whereas others like Ali Ata have been pretty much on the money with their predictions.
Given that nobody really knows how things are going to pan out, the best thing that we can do is to look into the pros and cons of selling your home after Covid-19, based on what we have seen and based on the limited amount of information which we know.
Lower Prices
Whilst we haven’t seen the crash in prices which so many people did expect, there is no doubt about the fact that prices are lower than they have ever been in a lot of areas. With this in mind, it is fair to expect that should you sell your home, you will be getting less money for it than you may have first anticipated.
Quick Sale
If you are selling a mid-to-low valued house then you may indeed find that you can get a very quick sale indeed. This is because of the fact that there are many who have higher priced housing who are looking to sell them, and downgrade to something which is easier and cheaper to buy. This could result in you getting a quick sale which could certainly be beneficial. On the flip side of this however you may have a higher priced home which is going to sell far slower than the rest. This is certainly something to bear in mind when it comes to selling the property.
Different Desires
As the world changes so too do the trends and the desires of home buyers. We are seeing that in a post Covid world, that more people are placing a heavier focus on increased space and higher levels of hygienic materials in the home. This may be a pro or a con for you depending on what your home looks like and how it has been built.
Bigger Chain
The chain is often what costs people frustration and it is fair to say that with so much movement on the real estate front, more and more people are going to be looking at a larger chain. This could mean that your home move falls through or that you lose a potential buyer as a result. If you are patient during this time then you will be much better off, because this could certainly be something which tests you.
Be careful out there and make sure that you only sell when the time is right for you, it may be that waiting is a better idea.
