The uncertainty surrounding the COVID-19 pandemic has caused many plans to remain just that. In real estate, buyers and sellers often second-guess whether to go through with a home search or sale. Given stay-at-home orders, gradual reopening, and heightened health concerns, it’s common for sellers to question if now really is a good time to put their home on the market.
Should you go ahead with a listing in the midst of a pandemic? The answer depends on a few factors, the most important of which is your personal situation. Analyze your answers to the following questions to get a clearer picture of your circumstances.
Why am I selling?
List all the reasons why you want to sell your Old Town home. Just going through this simple action can highlight several aspects that you have to consider for the sale of your home.
Are you moving for a new job? You’re probably on a tight timeline, which makes pricing competitively and getting to closing as soon as possible top priorities. Selling to profit from a seller’s market? Look toward making your home stand out from among the listings nearby as well as those in other communities, and create a seamless experience for buyers to keep the offers rolling in.
Sometimes, you may find that your reason for selling is not compelling enough to outweigh personal concerns about the current situation. Should this be the case, it’s also fine to postpone the sale rather than unwillingly commit.
How much time can I spare?
COVID-19 has had a great impact on how people work. Summit County now recommends businesses to have their employees work from home whenever possible. For the housing market, this means longer home closings that are directly caused by delays in negotiations, home inspections, and even deed recording.
While there’s no way to avoid these delays, you can see a closing to its very end by offering a buyer a safe and convenient way to close on the sale.
What do I have to do to ensure everyone’s safety?
Selling a home requires certain health precautions, especially if you’re still living in it. Offer video tours of your home to reduce the number of in-person showings. And if they must happen, limit showings to certain times and disinfect “high-touch surfaces” like door handles, switches, and countertops before and after a visit.
Check in with your household members as well. If you live with a high-risk person, it may be best to vacate your home before listing it or wait for a better time to sell.
How is the local market faring?
For the second half of 2020, Park City’s housing market appears to be quickly recovering and prospering from the initial slump caused by the pandemic. There is now an influx in demand, much of it from out-of-state buyers who are choosing to live in more remote areas of the country in lieu of dense urban metros.
According to Salt Lake Tribune, Park City — which has always attracted its share of luxury buyers and investors — has gotten so much demand that home sales in the small resort community doubled year-over-year for July and August. Second-quarter statistics from the Park City Board of Realtors also note that the sales volume and median price for Old Town were up from 2019, by 9% and 16%, respectively.
In short, now is an encouraging time to sell a home in Old Town Park City.
Ready to take the leap? Let Team Schlopy’s local real estate experts help you time your sale to get the biggest offer. Call (435) 640-5660 or email email@example.com for more information.