May 19, 2020
How the Coronavirus is Impacting the Real Estate Market
The Coronavirus pandemic will have a significant impact on the real estate market and the economy overall. Thousands of people have lost their jobs as the market has witnessed a steady decline over the past four months. In addition, there are currently not a lot of motivated sellers flooding the market with cheap real estate. Therefore, real estate values should not be impacted because we do not have an influx of discounted real estate properties.
Selling Your House During the Pandemic
The Coronavirus has impacted the economy, including buying and selling real estate. More specifically, buyers and sellers are hesitant to interact due to their fear of being exposed to the virus.
Sellers are less willing to show their houses because they do not know where potential buyers have been or if they are infected with COVID-19. Likewise, buyers are hesitant to enter a home that may be infected with the virus. This may create temporary trends in marketing, such as virtual tours until a vaccine is found.
So, if you want to sell your house, then you should still list it. There is always someone willing to buy your house at the price you want to sell it. If your house doesn’t sell at the price you want, you can choose to hold on to it until you can get the price you want.
Why You Should Continue Buying Real Estate
So many people have asked me, “Have you stopped buying real estate?” My answer to them is “No.”
Why would you stop buying real estate during a pandemic?
The reason why people would stop buying houses is because of their perceived uncertainty of the market. Granted, the market is unpredictable. This uncertainty leads to fear and hesitation from both buyers and sellers. However, When people are afraid, buyers can use that as leverage to get better deals.
I have personally negotiated several deals since the pandemic started. I was able to get a much better price on real estate due to a seller’s fear that the market would crash like it did in 2008. I can use their fear as a strong negotiating position. Because of the seller’s uncertainty, I can negotiate a better price to have the margins I need to take on higher risk during this uncertain period.
I couldn’t do that when the market was strong, real estate trends were predictable, and people were certain about what was going to happen.
Take Advantage of the Current Opportunities
How do you take advantage of the current pandemic and uncertainty in the real estate market? The answer is simple. Whatever your gut reaction is to the news and the market, do the complete opposite in how you approach buying and selling real estate.
- If everyone else is afraid, then you should be excited. This means that there are opportunities to negotiate deals with sellers.
- If everyone else is excited and feeling secure in the market, you should rethink your opportunities and look for more creative ways to negotiate deals.
If you are currently a real estate investor, I would suggest that you act immediately during this crisis and take advantage of opportunities. If you are not an investor and want to be one, I would recommend that you get educated and get into the market. Now is as good as time as ever to get aggressive and look for deals.
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