Unsurprisingly, this is one of the most asked questions we’re hearing right now. Since the COVID-19 outbreak, many people, entirely understandably want to know will coronavirus affect house prices.
After all the Brexit uncertainty, there has been a recent period when the property market has bounced back with plenty of new instructions and with sales also looking healthy here at BOP. A momentum had developed, so with coronavirus impacting the whole economy, you may be concerned that this has now altered and be wondering what you should do if you are looking to buy or sell a property in the coming months.
We appreciate this is a time of uncertainty and worry for many people, so to help you, we have answered your top three questions regarding COVID-19 and how it may affect the property market.
I want to buy a property, what do I need to know?
It’s difficult to say exactly what the full impact of coronavirus on the property market will be long-term, but if you are looking to buy a property you may find that in the short-term there are fewer properties available, either through listings being removed from the market because owners are self-isolating therefore making viewings challenging, or because potential sellers are uncertain whether right now is the time to sell. There will, however, still be those who need to sell for one reason or another and so there will be a continuous turnover of properties coming to market, if fewer than in past months.
Here at BOP we are still open and have the facility to offer virtual viewings, so if you wish to view one of our properties, this is still possible. Contact us to make a virtual appointment on 01237 479999 or email email@example.com.
I am selling my property, what do I need to know?
If your property is currently on the market, you will need to accept that in the short-term you may see fewer viewings on your property. Remember, you do not have to accept an offer so you should not feel pressurised into agreeing to anything below the current market value, unless you are happy to do so.
If you have some flexibility, you may decide to defer the marketing of your property. At BOP we understand that this may be the best decision for you during these uncertain times and are happy to defer the marketing of your property for an agreed period if you wish.
Will I be able to accept viewings on my home or view other properties if I want to?
At BOP we are committed to the health, wellbeing and safety of staff and clients and this is at the forefront of our minds at all times. As the coronavirus situation continues to progress, things will change on a daily basis, so it’s likely that all estate agencies, including ourselves, will need to switch entirely to virtual viewings, for example video call, recorded footage or 360-degree viewings to ensure the safety of all concerned. We will keep you updated with regard to viewings.
It’s a waiting game to ultimately see how the housing market as a whole will be impacted by coronavirus, but as your local estate agent we are committed to keeping you up to date and continuing to assist you as best we can through this period, as you market your property or seek to buy.
Please get in touch should you have any questions.