Selling Your Home in the Age of Coronavirus? Here Are All Your Top Questions, Answered

With every day of this pandemic feeling like it brings a fresh batch of news, you’d be forgiven for feeling confused about the actual state of things now. While many cities start to reopen—and some continue to experience a high volume of new COVID-19 cases—it’s hard to know how any sector of the economy is doing, especially the real estate market.

Are things getting back to normal? Is now an OK (or even appropriate) time to consider selling a home? Whether you’re curious about the timing of a sale or the nitty-gritty details of how it will all go down, we’ve got you covered.

We’ve gathered advice from the real estate experts to answer your most pressing questions about selling a home during the coronavirus pandemic.

Can I sell my house during the COVID-19 pandemic?

Selling a house should always be based on a number of factors, particularly with regard to your family’s health and financial situation. But to cut to the chase: Yes, you can still sell a home during the coronavirus pandemic, particularly now that states are beginning to reopen.

In most markets, inventories are low and prices are high—which means you can still make a profitable sale.

“Now’s a great time to sell,” says Michelle Sloan, a broker and a Realtor® who’s with Re/Max Time Cincinnati. “With low inventory and high buyer interest, many homes are selling very quickly—within days or hours in some cases. Interest rates are also low, and there’s serious pent-up demand for homes, especially in lower price ranges.”

Is it safe to sell your home during such an outbreak?

You might be asking yourself if it’s safe to go through the traditional home showing and selling process. Assuming your family members are all in good health, there are several precautions your real estate agent can take to safely show your home to interested buyers.

“We’re allowing showings, but with safety in mind,” Sloan says.

For her team, that means no overlapping showings, no children in the house, masks on, shoes off, and hand sanitizer at the door. She also recommends people leave all of their lights on and doors open (even for closets), since this translates into fewer surfaces being touched.

Are houses even selling now?

Yes! The fact is that people still need to move, pandemic or no pandemic. For instance, in Austin, TX, at least 400 homes “and counting” are closing every single week, reports Regine Nelson with Wealthward Realty.

“Austin is low on inventory; we still have more people moving here than we have housing available,” she says.

Other markets, like Tampa, FL, are seeing a similar trend in sales.

“Houses are definitely selling now,” says Nadia Anac, a Realtor with Reagan Realty. “In my market, I’ve even been in multiple-offer situations.”

The key to these kinds of numbers seems to be in the inventory: Markets with low inventory are seeing houses sold quickly. As always, we’d recommend chatting with a local real estate agent to get the pulse on exactly how your market is performing.

Should I sell my house during a recession?

Since this recession is largely dictated by the pandemic, it’s almost impossible to keep the two separate. But if you do decide to sell during this period of economic downturn, take the time to consider your own financial stability, as well as the conditions of the market you’re moving to.

“If you planned to sell your home due to relocation, a short sale, or moving for larger space, then I would recommend proceeding—but with caution,” says Nelson. “Do you have another home or area in mind? Always be sure to see if what you are seeking is available or will be available when you’re ready to find a property to purchase.”

And while the buyer pool has undoubtedly shrunk in the past few weeks, that’s not necessarily a bad thing.

“Homes are still selling, but lending requirements have tightened, meaning buyers are more qualified and ready to move forward,” says Karen Parnes, owner of NextHome Your Way.