Today’s coronavirus news adds a new dimension to our real estate market, doesn’t it?
Or does it?
We can probably count on one thing to happen.
This will be the last straw for those home sellers who have been languishing on the open market for more than 30 days. They have heard how hot the market has been for others, but based on their overly-optimistic list price, their motivation wasn’t that great to begin with – and they are tired of the inconvenience that comes with not selling.
Those would-be sellers will be de-listing their homes, and waiting until next year.
Should buyers pack it in and wait until next year too? Not really – you’re still looking for the right house, at the right price, and it could happen at any time. Plus, if you were ever going to get a decent price on a home in this era, it would be in the next month or two when the competition should be dwindling. There will be more buyers in spring – it’s just a matter of whether sellers will come out in droves or not.
But consider this:
Any sellers who are still for sale on October – especially those who go on the open market after today – should be highly motivated to sell. Nobody is going to casually throw their home on the market just days before the biggest election in history with the incumbent fighting a potentially life-threating virus.
Get Good Help!