Due to the looming economic uncertainty and the implementation of stay-at-home policies, homebuying activities have also significantly dropped in the 1st half of 2020. And as we enter the next half of this year, many homeowners are also getting reluctant to put their homes for sale on the real estate market.
Traditionally, spring is the season for prime homebuying. And if you are contemplating one selling your residential property at this time of the year, then you can either enlist your house an put it on sale while the pandemic is ongoing or postpone your plans indefinitely up until the stay-at-home regulations are lifted.
The choice you are going to make with regards to this matter must be based entirely on the unique situation you are in right now.
Read more as we are going to share this topic about weighing the options home selling this 2020 so you can arrive at the best decision possible.
Considerations When Selling Your House At The Later Part Of 2020
Here are the things to consider if you’re going to sell your house any time within the next 6 months:
The Interest Rates When You Sell Your House Will Remain Low – Even before the coronavirus has plagued the United States, real estate experts have already predicted low interest on mortgage (below 4%) at the majority of this year. And such low interest rates will be more than enough to entice interested homebuyers and property investors from checking out your home and the rest of homes for sale on the market as well.
Moreover, lenders are also willing to process and underwrite loan applications for better refinancing, which is good news for people who are looking for ways to finance a home purchase or secure a more affordable mortgage.
People Will Like Postpone Their Homebuying Plans – It is also safe to assume that people who were planning to purchase a residential property will likely postpone their plans due to the uncertain economic situation of the country. And additionally, even if they are interested in buying a home now, they would rather allot their money on essential things for the time being due to their limited budget.
There Is Still Hope – However, if you lost your job recently and you fear you can’t continue paying the monthly mortgage, you can choose to enlist your house now to the home selling market. And the reason for this is there are people who will be willing to buy your property despite the ongoing health crisis as they need to transfer to a new location before their kids start their school.
Reasons For Selling Your House When The Pandemic Is Over
You Just Refinanced – If you recently applied for refinancing, then there’s no need to sell your house now as a refinanced mortgage will help ease your financial burden and give a sort of leverage so you can lower your monthly payments during the COVID-19 emergency.
You Are Not Sure About Your Financial Situation – If you have been furloughed from work and have been warned about possible layoffs, then it’s recommended to delay your plan of home selling this 2020 until you are quite certain about your future financial situation within the next few months.
Instead of selling your house now, you should contact your lender immediately and ask them to modify your loan so you can stay in your house for the long-term.
If you need professional help in selling your house during this time of crisis, Melecia Johnson Team can help you out. Looking for a stable real estate job? You can also skyrocket your real estate career with eXp Realty Miami. Join their team today just by clicking on the link!