It’s been an unusual year for everyone with the coronavirus pandemic that has changed many aspects of our everyday lives. Because of the uncertainty surrounding the virus, people are a bit more hesitant to make major life choices, like selling their home or purchasing a new one. However, this may actually be one of the best times to buy and sell due to record-low interest rates (for buyers) and rising housing prices (for sellers). There are some important changes as a result of the coronavirus pandemic that you should keep in mind if you’re going to list your house, but for the most part, this is a good time to sell if you’re feeling financially stable.
For anyone who hasn’t yet decided where to move, you’ll love the homes for sale on Folly Beach, SC, with proximity to the beach and historic downtown Charleston. Before making any major moving decision, read our guide on selling during the pandemic.
Reasons to Sell During Coronavirus
Many Buyers on the Market
Right now, there’s an unusual shift in the balance of buyers and sellers. Many people are still looking to buy, but fewer people are looking to sell. This fact actually works to the advantage of the seller because of the basic concept of supply and demand. Currently, the housing market is facing a shortage of properties, but the demand is still high, which raises the price of property, allowing sellers to get more for their home. However, keep in mind, this means as a buyer, you might be spending a little more than you were planning. Price your property accordingly and consult with an agent to learn more.
Interest Rates Are at an All-Time Low
As a seller, low interest rates are important because it is an attractive reason for people to buy. It’s also important because once your home is sold, you’re likely going to be in the market for a new home yourself, which means you can take advantage of the low interest rates as well. As of December 2020, interest rates continue to fall below three percent—making this the lowest rate since 1971 when interest rates first started to be tracked. This is enticing more people, particularly first-time homebuyers, to browse the market and find a property they love.
Tips for Selling During the Pandemic
Take Advantage of Virtual Home Tours
Because people are more hesitant to interact with others right now in an attempt to social distance and prevent further spread of COVID-19, open houses are kind of a thing of the past. Some places are still allowing open houses, though an appointment is required to control the flow of people entering and leaving the home and you’ll likely have to wear a mask and gloves.
The National Association of Realtors specifies that realtors must follow the guidelines in place from the Centers for Disease Control and Prevention (CDC) and their individual states and recommends taking advantage of alternative marketing opportunities, such as virtual tours. This is one of the best tools to use right now as people are more likely to view a property online before expressing interest and the more information you can provide, the more interest you’ll attract. A 3D virtual tour provides a better sense of house layout and highlighted features rather than a text description or series of photos, though you should make an effort to provide a lot of details in your description and post professional photos.
Work with a Real Estate Agent
Although it is possible to sell your home on your own, it’s much better to have an agent on your side—particularly during these strange times. Find a company and a realtor you trust and let him or her know exactly what you’re looking for. They can help you negotiate offers, find new properties like homes for sale on Folly Beach, SC and prep you for some of the industry changes the pandemic has caused. Communication is key when it comes to buying and selling a home, so be sure your agent provides several ways to get in contact with him or her even during pandemic times—video chat, phone calls, etc.
Be Aware of ‘Coronavirus Clauses’
One of the greatest changes to the housing market that has come about as a result of the pandemic is the addition of “Coronavirus Clauses” to lending agreements. Essentially, these clauses are an addendum addressing specific scenarios that may arise to protect buyers—but they can also cause delays. Because of the possibility of someone becoming sick or state COVID regulations changing last minute, these clauses often extend the closing period under specific conditions (i.e., someone needing to quarantine or being hospitalized as a result of COVID). Although these addendums are advantages to buyers and intended to protect them, they can cause delays in the process, something sellers should keep in mind before beginning the process.
An Unexpected Time to Sell
Although there is a lot of uncertainty in the world with the pandemic still underway, buying and selling a home may actually be the smart move right now. For buyers, low inventory and high demand are leading to higher prices, meaning you’ll get more for your property. From a buyer’s perspective, mortgage rates are at an all-time low, meaning you can lock in a great rate now and pay your mortgage off more quickly and with less interest, a smart move for first-time buyers and previous homeowners. If you’re looking for a great place to relocate, consider the Charleston area. Research Folly Beach, SC rentals to check out the area and view a few homes you might be interested in. Then, take the dive and list your home before you miss the opportunity!
