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Should I Sell My House during COVID-19?

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Black November:
Should I Sell My House during COVID-19?

Details:
Before COVID 19, I was planning to sell my house this summer and live in a RV during the construction of a new home on our 10 acre property (15 mins away).  Now I am unsure whether to proceed, and would like to hear some input from others.


Current House
36 miles south of Seattle. Houses in our neighborhood are very desirable, and usually sells quickly.
Some Equity in home
Our house/location is more affordable than nearby areas. good for first time buyers, or people looking to down size for affordability.

Property
Well in progress (almost done)
Septic not started (on hold until work ban lifted)
Electricity (in street, but not trenched in)
33 FT RV on-site (Boondocking, RV paid/no payments)
House Plan finalized (but construction has NOT started)
Interest rates are good.

Both wife an I are still working with fairly secure jobs.


Concerns
Will housing market go down?
Will delays make 12 months in a RV turn into 24 months?
Are people still buying?



Morning Sunshine:
we are watching this as well.  We have had this summer on our radar as a time to sell; for various reasons, husband and I both came to separate conclusions that this summer would be pivotal in our work and property life.  He has felt for three years that after this summer he will need a new job, and I have felt for a few years that our house needs to be ready to sell by the end of summer.  Once we shared those feelings with each other, we felt a validation of our own thoughts.

Anyway, housing right here is top.  There are no houses on the market that have my acreage and square footage.  There are houses that have less of one or the other, and they are selling for over 500k, most a lot more than that.  Of course, they have granite counter tops and new appliances.  Ours is 20 years old with only a replacement dishwasher and microwave.

I do not know what to tell you.  I know that we have had people up on our mountain looking at the vacant lots even after the shut-down started, so I know people are looking, and still planning to buy.  In 2 months, 4 months?  I have no idea.




--- Quote from: Black November on April 15, 2020, 04:58:56 PM ---Should I Sell My House during COVID-19?

Details:
Concerns
Will delays make 12 months in a RV turn into 24 months?

--- End quote ---

maybe, but if you can pay cash in an economy where people want to work and cannot find jobs, you can probably get it done faster?

Mr. Bill:
We are right in the middle of this issue, in southeastern Washington.  Bought the new house just as the virus was closing in, now we have two houses 5 miles apart, and are trying to get moved so we can sell the old one.

What they're telling us here is that real estate agents cannot currently show houses to prospective buyers.  That puts a crimp in our ability to sell.

There's such a jumble of "essential" and "non-essential" businesses related to the real estate market and housing construction.  I've read the governor's official list and I still can't tell who is allowed to be doing what.  So I predict you will run into unpredictable problems.

That alone is not a reason to avoid selling, but it does make things weird.

LvsChant:
On the up side, the mortgage rate for buyers is very low... in fact, many mortgage brokers cannot keep up with the demand for refinance deals. With all the online photos and pre-shopping buyers do now, it may well be that you could sell the home even without a lot of foot traffic through the place. Restrictions in your particular area will be the big question. I cannot imagine a buyer closing on a home they have not been able to step foot into...

Mr. Bill:

--- Quote from: LvsChant on April 17, 2020, 06:09:02 AM ---...I cannot imagine a buyer closing on a home they have not been able to step foot into...

--- End quote ---

Yeah, that's where things get weird in Washington (and probably elsewhere), because home inspectors are "essential" yet real estate agents are not.  So you could make an offer based entirely on the Zillow photos, contingent on the house passing inspection (which is the norm anyway), and then have your first personal viewing of the place as part of said inspection.  But that would mean paying for a $400 home inspection for every house you're serious about.

I haven't talked with our real estate agent for a couple of weeks, but they are probably working around this problem somehow.  It may vary locally, depending on how local authorities are choosing to enforce the governor's edict.

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