The housing market is scheduled to re-open by June 8 in line with the Government’s Phase 2 of the easing of restrictions. This means that real estate agents and house buyers can go back to selling and purchasing properties provided that they observe new safety protocols.
This is excellent news, especially since the property sector, just like other industries, has been adversely affected by the measures used to control the spread of the virus such as the stay-at-home order and nationwide lockdown.
To Sell or Not to Sell Your House?
While the pandemic has not dampened people’s interest in buying houses, it caused a significant slowdown in sales toward the end of March into April. This wasn’t surprising given that activities in the real estate industry were put on hold – in-person viewings were cancelled and processing documents took longer than usual.
A drastic decline in the number of houses for sale was noted in the last two weeks of March. Experts say that this is partly due to home sellers opting to delay plans to list their properties.
With the real and full effect of the pandemic on the property sector still unknown, some of those who were planning to sell their houses pre-COVID-19 are taking a ‘wait and see’ approach.
Should you do the same thing?
The decision to list your house (or not) depends on your current situation. If you are in no hurry to sell and have no financial concerns, then you can wait until the situation gets better or becomes clearer.
On the other hand, there is no point in delaying the sale of your house if you are relocating or if you need a bigger space because of a growing family. Similarly, if you’ve secured your next home and need money to finance it, then it is but logical to put your old house on the market.
Is It a Good Idea to Sell Your House Now?
It may not be the ideal time to list your property, but it is also not the worst time. Based on reports, conditions are still favourable for house selling in Ireland.
The demand for houses is still high, and supply is not able to keep up yet (and it won’t be for quite a while).
Based on the forecasts for this year, the gap between demand and supply is going to be narrowed. However, the construction of new builds was temporarily halted because of the health crisis which means delays in project completion. As a result, experts are anticipating a much lower number of new builds making it to the market this year.
So, you do not have to worry about finding a buyer or not being able to sell your house. People who needed to buy a house before the pandemic and have retained their jobs amidst the crisis are still going to move forward with their plan.
Just a word of caution:
House selling isn’t easy under normal conditions. So, expect it to be even challenging this year and beyond with the new protocols and impending changes in the economy. If you want to successfully sell your home during this pandemic, you need to hire professional real estate agents.
In terms of price, they are still stable at the moment. Chances are high that you would still be able to sell at a price you want if you list your house now.
But prepare for the possibility of prospective buyers pulling out of transactions to negotiate a lower price. This behaviour may be because buyers think that sellers are desperate to close deals. In this kind of situation, having a real estate agent who has savvy negotiating skills can work to your advantage.
It should be noted, however, that the stagnation in the price of houses is not here to stay. Experts are anticipating a price drop as a result of the COVID-19 pandemic. It is still not known how much the decline would be or when it would take effect as experts are facing challenges predicting market performance.
In conclusion, the decision to sell now or wait until the pandemic is over depends on your personal situation. If you have to do it ASAP, then make sure you do it the right way – hire a professional real estate agent.
House selling during this pandemic can be a daunting task. However, if you have an expert spearheading the endeavour, you can minimise the inconveniences and ensure its success.
Are you planning to sell your house in Ireland? Make sure you get the best price possible with the help of our professional real estate agent! Call us today on 01 495 9020 to learn about our services!