The global pandemic has indeed stopped a lot of markets in their tracks. With the risk of community spread, you would think that real estate is struggling too. While the number of housing sales has decreased, that doesn’t mean everyone has stopped looking. Some people cannot afford to press pause on their lives.
Whether you are promoted to a job in a different location, need to take care of a loved one, or want to be somewhere new, selling your house is definitely possible during COVID-19.
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How Has COVID-19 Affected the Real Estate Market?
Many people were hesitant to sell their homes due to the uncertainty surrounding the COVID-19 pandemic. As a result, real estate markets across the nation have experienced double-digit year-over-year negative changes in terms of housing availability. When there is less housing inventory on the market, potential buyers miss out on many homes because of buyers’ fatigue.
In addition to the decreased housing inventory, many cities and states are implementing bans and heavy restrictions on house tours. Real estate agents must wear masks and gloves and carry cleaning supplies with them for house showings. These restrictions have caused a drastic drop in physical house tours. Many property sellers have turned to virtual solutions, which have been increasingly more accessible across the board.
Mortgage Rates During COVID-19
During this global pandemic, mortgage rates have been lowered to some of the lowest levels in history. With that said, mortgage credit has become harder to obtain. It is a toss of a coin as to whether or not someone gets approved for mortgage credit.
Low mortgage rates are a good sign, though. Those who have already been approved are okay to shop and buy once they’ve found the right property. With lower home mortgage rates, it’s possible that we could see home prices increase in the months ahead. In theory, more qualified buyers on the lookout for properties create more competition, resulting in higher home prices.
Pros and Cons of Selling Your Home During COVID-19
The largest con of selling your home is the risk that it may sit for a while. That could still happen if there wasn’t an ongoing pandemic, of course. Because fewer people are willing to travel or leave their homes, the time it takes to sell your home may be longer than usual. You also run the risk of selling the house for less than it’s worth. With reduced property demand, there’s a chance you will have to decrease your asking price to get a bite.
There are many benefits to selling, though. Every market is different, so general pricing shifts nationwide shouldn’t deter you from moving forward with selling your property. There’s less competition right now because there are not as many houses on the market. As for the period your house sits, there is an increase in interested buyers, and you have a greater chance of selling if your house is in an urban area.
Benefits of Online Real Estate Auctions During COVID-19
When you choose to sell your house through an online real estate auction, you benefit greatly. Online real estate auctions put a spotlight on your home instead of placing it among similar properties. As timed events, our auctions drive competition. We also invest countless hours into creating aggressive and well-targeted marketing strategies that make your house stand out to interested buyers.
Our professionals hold one open house for land auctions and two open houses for all other types of real estate auctions. While abiding by active COVID-19 protocols in the area, buyers have the opportunity to ask questions and perform visual inspections for fewer sight-unseen purchases.
You, as the seller, get to name the terms and auction day for your house, giving you an active role in the process. You have input into when the auction takes place, which leads to a planned process everyone understands and follows.
Organizing an auction with a reserve makes it possible to schedule multiple events until you get an offer that meets your expectations. You set a minimum price you are willing to accept before the auction process ramps up. Only under an Absolute Auction are you required to sell to the individual placing the highest bid.
Holding an online auction gives you a chance to receive offers from buyers across the globe. Cates Auction & Realty Company organizes your event through a user-friendly platform compatible with smartphones and computers. Participants get to see bids in real-time to help them gauge demand when drawing up an offer. Anyone can register for your event, which means those interested in your property can attend from work or home.
Choose Cates Auction & Realty Company to Sell Your Home Online
Cates Auction & Realty Company can make selling your home a hassle-free and simple process.
Thanks to our non-contingent terms of sale, you don’t have to worry about appraisals, inspections, or financing. Our agents will go above and beyond for you to ensure your property gets sufficient exposure to the market to drive competition. You’ll receive personalized marketing services such as brochures, telephone services, and email marketing to ensure the right people know your property is on the market.
We work on a controlled sales timeline for your convenience. With more than 75 years in this industry, we conduct some of the most competitive auctions nationwide so you can get the best price and terms for your property. Fill out a free property analysis form today to see what we can do together.