Tuesday, January 26, 2021 / by Jake Farr
Hey West Michigan, I’m Your Realtor Jake Farr.
Today, we’re going to answer the question: Does it make sense to sell your house during a pandemic?
So, this is a difficult question with no straight answer, because well, it depends. It depends on each seller's plans and motivations.
The greater Grand Rapids market has been hot for years. People have been flocking to Beer City, in droves. The influx of people, historically low mortgage rates, coupled with the uncertainty of the pandemic, our inventory is among the lowest in the nation.
So what does this mean for sellers?
It means if your house is priced correctly, and marketed properly, it will sell almost immediately. Likely with multiple offers and potentially for tens of thousands of dollars over asking price. If you have a good realtor, getting your house sold isn’t really the problem. That’s the up side. The problem is finding a new home to purchase!
If you’re moving out of the area, then you’re good. If you’re looking for a home under $350,000 in the greater Grand Rapids area, It’s extremely competitive. It may be in your best interests to sell during the spring or summer. The market will be just as competitive, but you’ll have more listings to choose from. Now, this of course depends on how well we get the pandemic under control. We didn’t have much of a spring market in 2020 because of Covid, but I suspect 2021 will be a different story.
If the plan is to upgrade over that $350-$400,000 mark, there tends to be less buyers in the higher price points. Additionally, the houses stay on the market a tad longer. So if this is you, and you have to buy and sell now, you should be able to achieve your real estate goals.
Another segment of the housing market that’s a bit less competitive are condos. They’re not for everyone, but there are some definite upsides. Minimal maintenance, community amenities, urban/suburban options, and most allow pets. Condos can be a good fit for someone who wants the benefits of homeownership, but with less responsibility.
So, if you’re ready to sell now, just take precautions against the virus. Also, It’s a good idea to interview a few agents, and have a realistic conversation about what’s available in your price range.