Should I Sell My Home During a Pandemic? This year has been more than a little bit of a whirlwind…in all of the good and unexpected that comes along with that. In these challenging times, we are all navigating through uncertainty for ourselves, our loved ones, and our community. We hope you are staying healthy and safe.
Real estate is still moving along here in Central Florida – and we’re ready to serve you and your friends and family during this time and beyond. We know the need for housing does not stop and we understand the questions the people of our community may have. Are things back to normal? Is now a good (or even appropriate) time to consider selling my home? Whether you’re curious about the timing or specific details on how to safely go through the process of selling your home, we’re here for you.
COVID-19 definitely continues to have an impact on our lives and the real estate market in Orlando. The good news is that the real estate market has shown its resilience and home sales are surging despite the area’s continuing struggle with COVID-19.
We’ve gathered advice from our team of trusted local experts to answer your most pressing questions about selling a home during the coronavirus pandemic.
What is the state of the real estate market? Are houses even selling now?
Yes, houses are still selling! We are actually experiencing a seller’s market right now – which means sellers tend to have more of the power in negotiations because there are more buyers than homes for sale.
According to Orlando Regional REALTOR® Association home sales skyrocketed in June, up nearly 46% from May. Mortgage rates also continue to decline, which helps keep home ownership more affordable and within reach for many people. At the same time, buyer demand remains strong and continues to drive the market.
Our agents are currently experiencing many multiple-offer situations. The key to this [🏡?] seems to be in the inventory. Markets with low inventory are seeing houses sold quickly.
Can I sell my house in the midst of the COVID-19 pandemic?
Yes, you can still sell your home during the coronavirus pandemic, especially now that Central Florida has re-opened. And believe it or not, our team has written more contracts and is serving more families now than this time last year.
Mortgage demand from buyers is up overall from last year – staying home has made some realize that a little extra space may go a long way. Interest rates are still setting record lows. Most of Orlando saw their home values increase these last few months. Buyers know this is a great time to maximize their money by getting what they want before rates rise again. Many homes are selling extremely quickly – within days and even hours in some cases.
Is it safe to sell your home during the coronavirus outbreak?
You might be wondering whether it’s safe to go through the traditional home showing and selling process. Wemert Group Realty is MOVE-SAFE CERTIFIED. This means we are taking all of the necessary steps to help keep our clients safe during COVID-19. We are using extreme caution and leveraging technology everywhere we can to mitigate risks for our families and yours.
- We are meeting with clients virtually.
- We have strengthened the digital presence of our current listed homes through photography, dedicated websites, video tours, 3D tours, virtual open houses, aerial photography, floor plans, and virtual staging.
- We have implemented safety measures for showings including ensuring the house is clean for showings, arriving before the client to open all doors and windows, adhering to social distancing protocol, and limiting showings to vetted buyers.
- We are currently using an e-sign platform for disclosures, offers and counteroffers, and closings.
- We include a COVID-19 addendum in purchase agreements.
Is it true that homes are selling for less?
No! Many homes are actually receiving multiple offers and inventory is very low. According to the Orlando Regional REALTOR® Association, the median price of homes sold in Orlando was on an upward path in July, while inventory fell to its lowest level this year. As a result of this increased activity and record low-interest rates, pending sales in July were up 8.7% compared to July of last year. Supply and demand takes effect here, with an increase in home prices as buyer demand far exceeds the supply of available properties.
Through it all, our team is committed to the safety of every buyer and seller we serve and we are taking precautions each and every day for your safety and ours. This isn’t the first market shift we have been through and it won’t be the last. Our extensive experience will help us guide our customers through this challenging time. Please do not be afraid to reach out with any questions or concerns you may have. We would be honored to be your trusted resource for everything real estate and more.
Do You Have More Questions About Selling or Buying a Home?
Call or Text us now at 321-567-1202! 🏡
Curious what your home may be worth in this season?