Unsurprisingly, this is one of the most asked questions I’m hearing right now. Since the COVID-19 outbreak, many people, 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 sales here in Brackley. 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.
I appreciate this is a time of uncertainty and worry for many people, so to help you, I have answered the 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, 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 weeks.
If the property is empty then it may be possible to still view the property. You should also ask the agent if they are conducting virtual viewings for example video call, recorded footage or 360-degree viewings.
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 things will be slower. You may see fewer viewings on your property and any offers put forward may be lower. 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.
Will I be able to accept viewings on my home or view other properties if I want to?
As the coronavirus situation progresses, things will change on a daily basis, so it’s likely that some estate agencies will switch to virtual viewings, for example video call, recorded footage or 360-degree viewings to ensure the safety of all concerned.
It’s a waiting game to ultimately see how the housing market as a whole will be impacted by coronavirus, but as your local mortgage broker and home buying specialist I am committed to keeping you up to date and continuing to assist you as best I can throughout this period.