The COVID-19 pandemic interfered with many homeowners’ plans to sell. Though the real estate market is still relatively strong, things are a little different now. For one thing, many buyers are afraid to tour homes in person. Similarly, many sellers are wary of having large numbers of people in their houses. If you’re looking for Dallas home buyers to buy your home, you should be aware of how things have changed. Here’s the downside of selling your house during a pandemic.
Decreased Buyer Interest
It’s harder to get cash for houses Dallas during a pandemic because people are busy worrying about everyday life. Potential buyers tend to lose interest when they’re uncertain about what the future holds. People are also less likely to want a brand-new mortgage if they’re worried about losing their jobs soon.
To help combat these fears, it’s important to price your home appropriately. If you make the mistake of asking too much for current market conditions, you’ll have a very difficult time selling during a pandemic. Look at how much other homes in your area are going for, and price your home competitively.
Difficulty Obtaining Loans
It probably not a surprise that it’s generally harder for people to obtain loans during a crisis such as a pandemic. This is understandable if you think about it. Lenders naturally want to protect themselves from unnecessary risks during a pandemic. For this reason, loan qualifications often become stricter during economic downturns. This can also prohibit some people from buying a home.
If you’re looking for ways to “sell my house fast Dallas,” keep in mind that you’re likely to run into some challenges during the current pandemic to sell through the traditional bank route. Waiting for a buyer to receive loan approval can keep you on pins and needles. Fortunately, it’s possible to sell your home without waiting for the buyer to get loan approval. We buy houses Dallas for cash, so when you sell to us, you don’t have to worry about a loan not going through.
Home Prices Outlook
A survey of the National Association of Realtors members revealed a shocking outlook for home prices. Approximately 63% of those surveyed revealed that they expect home prices to decline due to the pandemic. Lower home prices are a natural result of less competition in the market. When fewer people are buying, sellers respond by lowering their prices.
There is less agreement regarding how long prices may take a nosedive. Some predict that it will only last as long as the current pandemic, while others expect prices to stay low longer. In either case, sellers must prepare themselves for the inevitable dip in sales prices.
Many experts recommend holding onto your home for the time being, then selling when the market recovers. But if you have to sell your home, you may want to consider selling to OutFactors. We buy homes in Dallas regardless of market conditions. That means you can sell to us in the middle of a recession, and we’ll still pay cash for your home.
Virtual Tours, Inspections and Closing Processes
Many parts of the home buying and selling process are going virtual in response to COVID-19. This year, the number of sellers offering 3-D home tours has tripled. Virtual walk-throughs are easier in many ways for sellers and buyers, but they have their downside. When buyers can’t walk through a home in person, it’s harder for them to tell if they like the house. It won’t be easy getting an accurate idea of how big rooms are if you can’t see them up close.
In addition to virtual tours, other aspects of home buying and selling have gone virtual as well. Paperwork for mortgages and closing documentation is now handled through email or mail. In some cases, this may seem more convenient. But in other cases, it can potentially slow down the closing process. This is especially true when one or more parties do not sign promptly.
Find Out Why We Are the Preferred Dallas Home Buyers
When you trust OutFactors to buy your home for cash, you don’t need to deal with many of these issues. Since we pay cash, you don’t have to worry about us being unable to obtain a loan. We never require buyers to fix up their homes, either. We always buy homes as they are. To learn why so many trust us as their Dallas home buyers, give us a call or fill out our online contact form today.
The Downside of Selling Your House During a Pandemic | OutFactors — Dallas, Texas