owner and founder of Quality properties of Northwest Florida LLC
Does it matter if i’m selling my Pensacola house during Covid-19 or after? well let’s see..Since the first few cases of the Corona virus appeared in the US in January of 2020, Not only did it cause a stock market crash, but it has also forced millions of Americans out of a job as orders to socially distance have made it impossible for many businesses to safely stay open. In fact, there’s talk that the current crisis will spur a full-blown recession that takes the country months, or even years, to recover from, However talk is just a talk specially if we don’t back those statements with facts to see what would be the best option to sell my house now or wait until further date, honestly, i have read a lot about the subject but i didn’t find something to grasp on about what will happen, as i found everything is only a prediction since we didn’t have anything similar to the pandemic since the influenza back in 1918.
A lot of charts and articles i read, and boring boring boring, subjects that really contradict each other that after reading many of articles you’re probably going to find yourself still wondering what to do..
As i speak to a lot of homeowners in the greater Pensacola area (Milton, Pace, Cantonment, Gulf Breeze, Navarre, Fort Walton Beach) i thought hearing what other people saying in your area will give you better prediction than just looking at some useless charts, where it only applies in one area but not necessarily applies in your area, since we buy houses in those areas I have spoke with a lot of homeowners who are not interested in selling as of right now but they will be interested they told me down the road.
Most people they’re not sure what the market will be even few months from now, but as of right now a lot of people optimistic, they prefer to wait until some of the fog clear in the current uncertain time. What does this mean? well… if a lot of people wait because they’re hoping to get better prices to sell their houses tomorrow than today, and leading people to not list for now, it will create a short term false indication that the current prices selling now at current market value, and prices didn’t go down because of the virus right? i think so… And because real estate market not volatile like stock market so prices will remain the same as of right now but it doesn’t mean it’s a bullet proof.
But what will happen if this last for few more months causing people to flood the area with listings, the supply and demand rule will be applied, prices will go down drastically, and this will be nation wide not only in the grater Pensacola area.
Whether you want to sell now or later is best to weigh your options based on you current situation and your prediction for your down the road situation, and trust your gut feeling without a Realtor or investor try to convince you otherwise, what is best for you at this time at your current situation.