That is the question on the minds of many. In light of the economic impact due to COVID-19, would-be Sellers want to know if they should wait it out before listing their property for sale. Does it make more sense to get in front of the curve and list now before further pressure on prices? Should they hold off until the “stay in place” order is lifted? Or, is there wisdom in just staying put and holding onto their home indefinitely?
Those are good questions. I’m working with three potential Sellers who are asking those very questions and who are trying to make the best decision for themselves and their families. All three are contemplating selling for very different reasons. They are all at different stages in their lives. All are concerned about protecting their biggest asset. Yet, each one has very unique variables to consider. It’s not an easy decision and there are no easy answers.
Consider the senior couple who wants to downsize. In their case, holding on indefinitely until the effects of COVID-19 are nothing but a dim memory, might not make sense. Time is precious and health is priceless. They need to move on with their lives. They are in a good position to sell. Even if they do so for a little less money now, it’ll likely be more than what they will make if they wait too long. I do recommend that they wait to put their home on the market until the “Stay in Place” is lifted. They live in their home and have underlying conditions that make them vulnerable. Safety comes first.
Now, consider my investor client who is considering selling a home that is soon to become vacant. He understands that we can’t just flip a switch and turn the economy back on. There will be pressure on prices and properties listed in the future will be valued at less than they are today. His property will be vacant, he wants to sell quickly, and he is willing to price competitively to effect a quick sell. He may do a 1031 exchange and he anticipates picking up a better property at a discounted price in the future. I believe he is smart to list now.
Even during COVID-19 and the “Stay in Place” orders, we can effectively market. We can showcase properties through virtual tours, 3-D photography, virtual open houses, blogging, social media and more! It’s doable. Very doable. He understands this and agrees that listing as soon as possible makes sense.
Lastly, I have a client who is selling because of the economic impact this is having on business. The concern of financial security in the future weighs heavy. There is fear. Panic. Indecision. My advice: don’t make a major life decision when emotions are running high. Gather data. Look at facts. Numbers. Seek professional advice from financial advisors. Together, we will assess value, estimate net proceeds, and then develop a plan and strategy. I believe selling in this case is in the near future and likely the best course of action. But, only after emotions die down and all aspects are considered.
Selling is never easy. Making a good decision, especially in today’s climate, is incredibly important. Your situation is unique. Whether you sell now, later, or not at all, should only be decided after careful deliberation and after seeking help from a trusted advisor.
We are in this together and I am here to help!