There’s nothing quite like the whole family working from home to highlight a building’s flaws.
Unfortunately, selling and buying homes are very low on most people’s list of priorities right now. Perhaps you were in the process of planning a move, but the recent pandemic and ensuing restrictions mean that selling and buying real estate simply isn’t possible.
This can be frustrating. Perhaps you’re unhappy with your current home and already had an eye on another property. Your plans to move to a new town or state have been postponed indefinitely, which can be disappointing. Or perhaps the stay-at-home quarantine rules have highlighted the shortcomings of your home!
Regardless of your reasons, it may seem that now isn’t the right time to sell your home.
You might be surprised to learn that now is a fantastic time to sell your home. Of course, you might have concerns; What about interest rates? Are there really any buyers on the market? What do the facts really say?
Reduced Interest Rates and Competition
There’s no denying that times have been difficult for most people. Getting a mortgage right now might sound impossible.
Fortunately, it isn’t. In fact, it’s now easier and cheaper to get a mortgage.
In fact, current interest rates are lower than ever. This means that if you’re a first-time buyer looking to invest in your first home, buying a home now would work out better for you, financially speaking.
Low-interest rates don’t just help buyers afford a mortgage. They encourage more people to sell their homes, encourage more people to buy, and help balance your home’s value.
This isn’t to say that the market is flooded with buyers and sellers. Many people have understandably decided to wait a little while before selling their home. However, this means that if you decide to sell your home, there’ll be less competition due to the depletion of the market. You may have a better chance of selling your home and selling quickly.
Virtual Accessibility
Shopping for the perfect new home can be fun. However, it’s also time-consuming. Looking through your first few options is fine, but once you’ve had to set up a dozen separate appointments to look through a dozen different homes (all of which are unsuitable!) the novelty starts to wear off.
The current pandemic also raises other questions – how to conduct a home tour with proper social distancing?
Just as we’ve managed to adapt to other areas of our lives, home tours have been adapted too. Virtual tours are the order of the day!
This means that instead of travelling to the location, meeting up with an agent, and taking a physical tour through the house, video tours are available for prospective buyers. This means that you can look through more homes without ever having to leave your own home.
In Vancouver Island, for instance, over 2200 houses are currently for sale, and many of them offer virtual tours.
If you would prefer a physical tour around a house, these are available too, with only a few safety criteria necessary, such as wearing a mask inside the home.
A Vibrant Market
Contrary to all expectations, the housing market is doing just fine. Housing prices are skyrocketing, meaning that now is the perfect time to think about selling your home.
Remember, if lockdown has made you feel dissatisfied in your home, other people will feel the same. Right now, it’s a seller’s market. So, if you’ve been thinking about selling your home but you’ve been worried about getting a poor price, now is the time to act.
Who Should Sell my Home?
Choosing a real estate agent to help you buy or sell can be tricky. If you’re buying or selling in Nanaimo or Vancouver Island, you might want to check out Sims Real Estate Group. Whether you’re aiming to sell your home or buy a new one, Sims Real Estate Group can help!