Top 5 Questions To Ask When Buying or Selling A Home Amid Covid-19 Pandemic

Top 5 Questions To Ask When Buying or Selling A Home Amid Covid-19 Pandemic


Home Buying or Selling Questions during PandemicAlmost all industries have been affected by this COVID-19 pandemic globally, and the real estate sector is no exception. Since buying or selling a home is a face-to-face interaction, the way we do business has been impacted as well.

By staying informed and working with experienced industry professionals, like CPD Homes, or such other agents, attorneys and financial advisors, you can still achieve your real estate goals with a few strategic adjustments. Start by asking yourself the following Home Buying or Selling Questions during Pandemic, to determine how you might best navigate the real estate market during the said crisis.

1. Should I withdraw my home from the market?

Many sellers are thinking about withdrawing their homes from the market because they don’t want to prolong their property on the list without showings. A “withdrawn” status means that a home is not currently being shown, but the seller is still actively engaged with their agent. There are multiple variables you should consider before withdrawing or deciding not to list your home at this time. Remember that a spike in withdrawn listings results in a reduced supply of homes, which could create an increase in buyer demand. While the impact of COVID-19 has forced some buyers to walk away from deals, other buyers may be undeterred or even incentivized by current events.

2. Is it wise to buy a home during a pandemic?

Potential buyers may have to reassess their financial reach post-COVID-19. If you have lost wealth in the stock market and you don’t have another source of income, it may not be wise to stretch yourself further by purchasing a home at this moment. But if your income is stable or has increased, you might be able to strike a better deal on a home now than you could have just a few weeks ago. Though the coronavirus pandemic is unlikely to incite many fire sales any time soon, the market is beginning to experience some price adjustments. Buyers who aren’t attached to a particular home and are willing to explore different options may be able to negotiate with sellers for more favorable terms, such as a longer escrow. Since more homes are being withdrawn from the market, buyers may start to feel discouraged – especially if a property they were excited about was withdrawn.

3. How will this Pandemic impact pending transactions?

If you’re already in the process of buying or selling a home and cannot fulfill your contractual obligations because of hardship imposed by COVID-19, you may be able to renegotiate a transaction’s terms using the force majeure provision. Force majeure provisions allow concessions for unforeseeable events or “acts of God” which may, according to the specific clause outlined in your contract, include a pandemic. You may also need to negotiate a longer escrow period in order to accomplish all of the necessary home inspections that may not be possible while social distancing regulations are in place.

4. What is the long-term outlook after this Pandemic?

Though the coronavirus pandemic is unlikely to drastically alter the real estate market in the long term, it might have a lasting impact on the features that buyers find most appealing. They may be in even higher demand, post-COVID-19, because of the ease with which they allow healthcare workers, frequent travelers, college students and elderly or ailing family members to socially distance themselves if necessary. Because real estate is a tangible asset, it may become an even more attractive option for a diverse range of investors in the wake of COVID-19’s impact on the stock market.

5. Do I qualify?

Spring is a popular time to list a home, and now that we’re officially there, you may be gearing up to put your home up for sale, and buy a new one. But given the health and financial crisis COVID-19 has created, you may be asking Home Buying or Selling Questions during this Pandemic, not to mention all other requirements to get qualified. At CPD Homes, we can arrange to have this done for you at no cost. One best reason to get pre-qualified is that it is an expression of your seriousness in purchasing a home, which may be a deciding factor in a situation of competing offers from other not-yet qualified buyers on your dream home.

Or if you’re selling your property, CPD Homes is here to help you sell your home fast. We have been helping families and our neighbors since 2012 and would love an opportunity to be able to help you. Please give us a call or if you have any questions let us know, we’d be happy to help as well 216-619-4387.

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