Halfway into 2020 in June, we are still in the midst of a massive global COVID-19 pandemic. One of our clients asked us this question – “Should I sell my property now or wait until after COVID-19 end?”. It’s a great question that we would like to address in an article. The more accurate question is “Will I get a lousy price if I sell now during these uncertain times or wait to sell after COVID-19?” ‘
This is not only applicable during this pandemic but also to adverse news that occur periodically around the world. Simply put, the word “COVID-19” can be easily replaced with sharp fall in the Dow Jones Index, a new policy from the government and the list goes on and on.
What’s your motivation to selling your property before the COVID-19 end?
However, the reason for selling could be that family circumstances have changed. You could face a need to upsize the unit. Family members often rubbing elbows with one another can cause a lot of friction within the family. At this juncture, as the seller, you have to decide if it is an urgent matter and how long you can afford to wait.
Another reason for selling can be due to the investment acumen. You may see that the asset is reaching its maturity, and the growth of the unit is stagnating or decreasing. In that case, it is worthwhile to sell now.
What are you buying next?
The next question is, what will you be buying next? In a balance market or a buyer’s market, the next house that you wish to buy might be realistically priced. If you are upgrading where the next house will cost more than the selling price of your current house, savings can be very significant if you choose to buy now.
If you wait for the market to recover, the prices could be much higher then. The same holds true for investor selling off the current investment unit to purchase another investment unit.
Will you get a lousy price if you sell now during these uncertain times or wait to sell after COVID-19?
If you have decided to move forward to sell, then this is perhaps the best time to sell. The buyers that are in the market currently are the serious ones and also because of these uncertain times, many of your competitors may pause selling because of fear. They will not be listing their units up in the market.
Another bonus, there are more instances of working from home and if digital and social marketing is used in the marketing of the unit, there will be an increase in viewership. We will be able to target and induce buyers to be interested in buying the unit. So if the right pricing and marketing strategies is utilised, I believe that a fair price will obtain in any sort of uncertain times and news.
It is not about just producing an amazing video, but the ability to promote this particular video featuring your unit, to the correct audience that will get the house sold! Of course, there are other factors that will affect how fast a unit get sold. This includes price, lease tenure, and layout. We would work out these details on a case by case basis.
If you have questions or if you are thinking about properly showcasing your house for sale, contact Home Quarters by going over to homequarters.com.sg or send us an email at email@example.com or direct message us on Facebook or Instagram!
If you would like to schedule a virtual viewing, that is also possible – you can read all about what you need to look out for during a property virtual viewing here before COVID-19 end.
That’s it for this article! Stay safe everybody, and remember, call Home Quarters and start packing!