How to Buy or Sell a House While in a Recession Caused by Coronavirus

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The beginning of 2020, a new decade, was met with bright eyes and excitement for most of us here in the United States. That feeling quickly came to a sharp decline in early March when cases of the coronavirus spread like wildfire, posing governors with the tough decision of having to close down their local economies in order to preserve the health, safety, and lives of their citizens. Weeks later, most of us are still in lockdown, and the United States is moving towards recession.

This sounds bleak, especially for those who were planning on buying or selling a home. However, there are still a few ways to help you stay on that trajectory. Here's some advice.

Take on inexpensive home improvements

Now is not the time to begin a kitchen remodeling project that costs thousands of dollars. Instead, go the more DIY route and save some money while also getting your home in tip top shape for selling. Many top real estate agents suggest painting your home or adding colors of neutral tones-hold the bold ones. Since the weather is nicer and most home improvement stores offer curbside pickup, now might be a good time to work on the yard and exterior of your home.

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Be careful about lowball offers from buyers

As you can probably tell from the pictures of empty grocery store shelves in the early stages of the pandemic, people tend to make quick decisions before fully thinking it through. Many sellers, given the state of the economy, might accept low offers because they're not sure if they'll even be able to sell at all. One of our biggest tips for selling your house during the coronavirus pandemic is to wait before accepting lowball offers. Do your research on how your home value might have been affected and chat with your real estate agent before accepting. 

Take advantage of virtual showings

Right now, in-person showings aren't an option for most Americans. Instead, many are opting for virtual showings, which take out the risk of getting sick. These showings can either be live or pre-recorded. Choose what will work best for your situation and ask your real estate agent what they think would show more success.

Take safety precautions when moving

When you're moving into a new house during coronavirus-assuming you haven't yet-it's incredibly important to take precautions to prevent getting sick. Understanding your options and limiting contact with others as much as possible should be the top priority. If you can move without a moving company, do that. If not, call the company and ask them what precautions they are currently taking. 

We also suggest coming up with a plan to make sure every surface is sanitary in the new home. If you can delay your move for a few days until you're sure nobody has been in the new house, do that. And, after you do move in, make an effort to thoroughly sanitize all surfaces before bringing in your items.

Be Patient

Selling a house during a recession, specifically during one caused by a global pandemic, will come with some roadblocks. You'll want to prepare for delays and obstacles that could slow things down. Stay in good communication with your Realtor as well as potential buyers.