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What If I Need to Sell My Home Now? What Can I Do?
Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in a position where you need to sell your home – and fast.
While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. With technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively. Your agent will guide you through the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).
According to the NAR Flash Survey: Economic Pulse taken April 5 – 6, real estate agents indicate, not surprisingly, that there’s a noticeable decline in current homebuyer interest. That said, 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.
A Change In Need Means A Move Indeed
A new baby or a a parent who moved in with you could mean a larger home. A new job means a new home across the country. It could be your new home construction is completed and you’re able to move in. Any scenario or other major part of your life that has changed in recent weeks could mean the need for a new home. Buyers have those needs too, which means someone is likely looking for a home just like yours!
Here’s the other thing – due to the quarantine people are spending a lot of time on the Internet right now across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers. Homes are being sold in the Chicagoland market.
There Is Less Competition Right Now
The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. Your home has a better chance of rising to the top of a buyer’s search list and being seen. We expect listings will pick up again soon. 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.
Delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.
Your Trusted Real Estate Advisor Can Help
Real estate agents are working hard every single day under untraditional circumstances. We are utilizing technology to help both buyers and sellers who need to continue with their plans. Virtual tours can show homes currently on the market. We can stay connected with the buyers and sellers through video chats. We’re also leveraging resources to complete transactions electronically. The families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly.
Bottom Line
Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in our local market, let’s work together to create a safe and effective plan that works for you and your family.
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