Should you sell your house now or after the COVID-19 pandemic is over?
Timing is everything – as they say – and for those selling, or about to sell their houses, earlier this year the COVID-19 pandemic raised a unique set of challenges.
Should you keep it on the market, or take a break and wait until later in the year? If you choose to sell now, open homes and public onsite auctions are not allowed under stage 3 restrictions. However, one-on-one private inspections and online auctions are still feasible.
Of course, the most important question is, ‘if you sell now, will you get the price you’re looking for?’
In March, everyone’s head was abuzz with such questions. Now, as we approach mid-year, many of those questions have been answered, and there is finally breathing space to make decisions about what to do next.
In the early stages of restrictions, there was a definite reduction beyond the normal number of homes for sale. With auctions banned for a 4-week period across the country, inevitably auction sales volumes showed significant drops. And now public auctions are banned again for another 6 weeks.
Despite the interruptions to market activity, house prices continued to rise and, according to CoreLogic, may only show a decline of around 10% from peak to trough. This is good news for those vendors itching to get things moving, but anxious to not put a foot wrong in an uncertain environment. “Chances are we will still see housing values remain relatively resilient to this downturn” explains CoreLogic head of research Tim Lawless. “As long as Coronavirus is contained within three to six months”.
Many sellers are taking their homes off the market because of this negative news. If you are selling now or thinking of selling in the coming months, it is probably unwise to stay out of the market or withdraw from sale purely based on the current pandemic climate. Indeed, you should take action to sell your house before the house inspection is completely banned under stage 4 restrictions. Do not forget that more homes will be flooded to the market once the pandemic is over, which means property supply (competition) will be increased, the price will be decreased.
Only private inspections are allowed under the current situation, and most of the listings offer virtual inspections or other digital strategies to eliminate real-life inspections. However, genuine buyers much prefer one-on-one private inspections because they are ready to buy and committed to getting out with a pre-arranged appointment. Agents also have the chance to pre-qualify genuine buyers and better understand their motivation. These actions ensure the agents getting the right price in any circumstances – in a pandemic or not. A private sale campaign may even sell at a quicker pace compared to auctions. Some of the properties are even sold before being put on the market for advertising.
Our team at First National Waverley City specialise in risk-free private sale negotiation & conducting private inspections since opening our doors in 2004. Our team of multilingual real estate specialists and experienced negotiators are well-trained to achieve the highest price possible regardless of market conditions. Alternatively, we can also assist you with selling ‘off-market’ by matching your property with genuine and ready-to-go-buyers in our database.
If you need to appoint an agent who has the most experience in leading a risk-free private sale or off-market sale in the Monash area and the surrounds, we welcome your call on 03 9560 3988 or fill up the market appraisal form.
**First National Waverley City have had key COVID-19 health protocols in place throughout the restriction period. Adjustments will be made as information about the progress of the pandemic becomes available.
7 July 2020