Life During Coronavirus: Should I Sell My House in 2020?

At the start of 2020, you couldn’t throw a stone without finding an article from experts proclaiming 2020 a great year to sell your home. Then the economy all but shut down, and you’re left asking “Should I sell my house in 2020?” Has the changing housing market made it a better time to hold on to the property? Once you consider social distancing requirements, which eliminate crowded open houses and even most private in-person showings… it’s complicated.

We’re not here to tell you whether you should sell your Sacramento home right now or not — but we can give you something to think about. Based on the potential pros and cons, you might find yourself closer to making the right decision this year.

Pros of Selling a Home in 2020

All hope is not lost. If you were primed to sell your home in 2020, it could still work out for you. Here are some of the reasons a home sale in 2020 is still promising, despite the global pandemic and California’s shelter in place requirements.

  • Prior to COVID-19, the mortgage rates were very affordable. And they haven’t increased since the onset of the pandemic and shelter in place orders. As this was written, a 30-year fixed rate mortgage was as low as 3.125%. Once communities are back up and running, buyers may resume their house hunt to take advantage of these low rates.
  • There was already an inventory shortage in many neighborhoods. Some other folks might decide not to sell at all, or be unable to complete their planned move. Once home sales pick up again, you could be one of the few coveted homes for sale in your area.
  • People who need to move may be eager to buy a home ASAP in 2020. Given uncertainty about the economy and how the immediate future will shake out in terms of health, employment, and other factors — someone who was already planning to move may want to go ahead and get it done sooner than later. Listing now with creative marketing like virtual tours and e-signatures could make your home appealing.

Cons of Selling a Home in 2020

Now, let’s talk about some of the reasons that you might want to wait to sell your home in 2020. These are the top reasons it will be harder to find the right buyer (and get your asking price) this year.

  • In a mid-March survey, half of all real estate agents said there has been a noticeable drop in buyer interest since Coronavirus hit. That could make it more difficult for you to find the right buyer, especially if our home already has some issues that make it a harder sell.
  • People are less confident in the economy than they’ve been in decades. The Gallup Economic Confidence Index dropped 54 points in April 2020, based on Americans’ perceptions of rate current economic conditions. That doesn’t give buyers a lot of incentive to buy.
  • Unemployment is climbing. Your buyers may be less reliable. Offers may be more likely to fall through as a potential buyer may have to withdraw their bid if they are furloughed. It could be frustrating to accept and then lose multiple offers.
  • The entire pipeline may be slowed down. As long as California remains under shelter in place orders, everyone from underwriters to home inspectors may be working remotely, fewer hours, or not at all. You could experience a much slower sale process than you expected.

Alternative Ways to Sell Your Home in 2020

If you want to sell your home, but the prospect of dealing with virtual showings and flaky buyers is too much — you still have options. Selling to a company like California Family Homeowners could be a great option. We are an especially ideal partner for homeowners in Sacramento who have much-needed home repairs they can’t afford or who are struggling to make their home payments. We come in, assess the value of your home, offer you cash, and close within just a few weeks (sometimes as few as 7 days!). If you want to sell your home now, give us a call to see if we can help you move in 2020!

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