Will my home price fall because of COVID-19?
We are in a crazy time right now, folks! With the Coronavirus shaking things up and changing life as we know it, I wanted to give you some insight on how your home price could be affected.
Are you concerned that your home price will fall off a cliff because of the Coronavirus? Are you considering selling your home to get out before the crash? Do you need to sell to get some cash?
This video should calm your fears about the affects of the Coronavirus to the housing market and help you get all the info you need to make great decisions about your housing situation.
As I explained in the video, we are clearly in a sellers market. People are fighting over houses! Multiple offers, cash offers, top offers being beat – it’s crazy! But for one reason or another, supply is starting to increase so the supply and demand curve is starting to go down. The Cromford Report Index is a leading indicator, telling us what’s going to happen, not what’s already happened. So based on this knowledge you can make your decisions on these questions you’re asking yourself:
Will the value of my house take a huge hit because of the Coronavirus?
Not today! House prices do not change overnight, but they do change over time. If the value will be affected it will not be immediate.
Should I sell my house and get out before the crash?
If you were already planning to sell in the next year or so, I would sell NOW! Sooner rather than later. We don’t know how this will all play out but we do know that there will potentially be more sellers in the market so you will have more competition.