04/13/2020
Unless you need to be in the market right now, you should be staying at home keeping safe. This means you've purchased your home and now you must sell your home and you don't have another option. And there's usually other options.
I've received many calls from concerned owners wondering how Covid could impact the value of their home.
My advice (generally) at this time has been that there won't be a "correction" or huge decline in the value of your home as long as you didn't buy something last year that you intended on flipping this year.
This is because banks have deferral programs in place and government incentives continue to help those in need.
Which means we shouldn't see an influx of power of sales hitting the market as far as the Residential marketplace is concerned.
This may not be the same with other types of real estate (i.e. commercial real estate) as many businesses have adapted and now recognize that they are able to operate from home and remain relatively functional.
For most people, if you purchase a home and stay in it for 5-10 years, between the principal you pay down and even basic appreciation, generally, ownership is the way to go.
That said, and because many of your are concerned, this tool will send you updates whenever a property is listed in your neighborhood so that you can monitor the marketplace locally.
Stay well and stay safe. And remember I am always here to help you solve real estate related problems. Selling isn't the only solution.
Mike Prasoulis Sales Representative RE/MAX Metropolis Realty.
This information is provided for informational purposes only and should not be construed, implied, or relied on as legal advice or real estate advice or otherwise. Always discuss your individual situation with a professional to qualify.
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