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Is Listing Your Home During the COVID-19 Outbreak Right For You?

Vince Cavaliere

Vince Cavaliere has been actively involved in the Kamloops Real Estate market for over 25 years...

Vince Cavaliere has been actively involved in the Kamloops Real Estate market for over 25 years...

Apr 16 4 minutes read

Spring is an excellent time to list your home for sale.


It’s the time of year when people are ready for a new beginning and planning big life changes.

Right now, the COVID-19 pandemic has lead to government orders that range from social distancing to sheltering in place, which has changed life as we know it. When the streets are empty and you haven’t even seen your neighbours in weeks, a big question for would-be sellers remains: When should I list my house?

PRO: Right now, mortgage rates are very low


In an effort to stimulate the economy, mortgage rates have dropped to new lows — and they could fall even more in the coming weeks. This is good news for potential buyers who were on the hunt before the pandemic hit and might help them continue to feel confident about a home purchase. For sellers, this also could mean that the buyers who do make offers are the most serious about making a purchase.



PRO: There's more certainty now than there is about the future

Economic reports are enough to make anyone feel anxious. However, what we know right now is that there’s a stimulus package coming. Many people are still working (albeit remotely) and social distancing measures will be in place for at least the next month. Things could get better, or they could get worse and lead to further restrictions (or trigger a recession). Delaying your home sale runs the risk of missing the window and ending up having to list when the market is down.



PRO: Open Houses are available virtually

Virtual showings may be a great option for sellers and buyers who are serious about social distancing. An experienced agent will be able to make your home’s virtual presence as compelling as it is in-person. Whether it’s via FaceTime, a 3D virtual tour, or a Facebook Watch Party, a virtual open house may just be the perfect answer to showing off your home during the COVID-19 crisis. Not only is it the safer option during this time, but it can also be more convenient for those not being able to make the short window that open houses typically offer. 

CON: You'll have to find a new place to live

You’ll have the same issues facing your potential buyer, because you’ll be a potential buyer, too. Even if you do line up a new home, there are possible delays that might necessitate temporary housing (renting an Airbnb, a seasonal home or a short-term rental if you’re even able to) which was much easier to find pre-COVID-19 than it will be right now. Then, there’s the actual practical considerations of moving: Will there be movers available to help you out? Will you be able to easily shop for moving supplies (especially if there are decreased shopping hours in place, or if home improvement stores experience delivery delays)? However, there is a silver lining: Some rental owners may be inclined to offer significant rental discounts as their short and long term incomes have also been affected.


BOTTOM LINE

Putting your home on the market right now is a calculated risk where the need to sell outweighs any anxiety you may feel about how COVID-19 is affecting the market. With an experienced agent, you can find creative ways to keep your home sale running smoothly and safely, observing all precautions. 

While we tried to cover all of the pros and cons of listing your home during the COVID-19 pandemic… There may be info relevant to your market that can further affect your potential sale. Whether you need a sounding board or advice on how the market is adapting in real-time, we’re here to listen to any and all of your concerns.


Is it a good idea to list your home right now?

Each person's situation is different. Lets chat about yours - we're here to help.

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