Is It A Bad Time To Sell Your Knoxville Home?

We’re living during unprecedented times.

For most of us, 2020 has not got exactly as we planned. Many of us would have never imagined that a virus would change our lives in such profound ways, practically overnight.

Still, even in the midst of all of this uncertainty, there are certain things that we may have planned to do this year, like selling a home, that for one or many reasons still needs to happen.

You wouldn’t be alone if you were wondering whether or not now is the time to sell a home. With so many things changes on a daily basis, it can be worrisome to do something as lifechanging as selling your Knoxville home.

So, in this post, we’ll address the question: is it a bad time to sell your Knoxville home?

The Easy Answer: Yes! It’s A Great Time To Sell!

Now is a great time to sell your home.

There’s absolutely no denying that. It’s a great idea for many reasons, here are just a few:

• There’s a huge demand for homes.
• Interest rates are historically low, so buyers are motivated to buy.
• Many people held off on buying earlier this year due to stay at home orders.

Whatever you’re motivating factor may be for selling a home, the answer is a resounding yes that now is a great time to sell. It’s a very strong seller’s market and there will be a strong desire for your home. Unless there is something personally from holding you back, there should be no reason to hold off.

In the rest of this post, we’ll address some common concerns that many sellers are having about selling their Knoxville home during these crazy times.

Not Enough Demand

With so much uncertainty in the world right now, some sellers are concerned that there isn’t enough demand for homes right now. With the fear of low demand in addition to everything else going on, many sellers worry that this isn’t the best time to sell a home.

Contrary to what you may believe, there is actually a very low inventory of homes available. To compound matters even more, many buyers delayed hitting the market until later in the year due to safer at home orders.

With these current conditions in place, the market is currently a very strong seller’s market. There should be no worries about the current demand for your home. Homes are selling within a matter of days, if not hours if they’re priced properly.

The Economy Is Preventing Many People From Qualifying

Since the start of the pandemic, there’s no denying that unemployment is at a historic rate.  With headlines about unemployment rates and job loss, many sellers worry that in the current market many buyers may struggle to qualify for a loan.

While this is a valid concern in the current climate, with the unemployment rate where it currently is, there are still many buyers who are able to qualify for loans. Since the start of the pandemic, some mortgage companies have required additional documentation and tightened certain requirements for certain borrowers. This may be making it slightly harder for some buyers to qualify for a loan, but there are still so many buyers on the market, it’s not significantly hurting the demand for homes.

In addition, with historically low-interest rates, many buyers are motivated to take advantage of these historically low-interest rates.

Too Much Personal Risk

There are a lot of things that you may not feel comfortable with doing right now like leaving the country, going to a crowded bar, or eating at a restaurant. So the thought of selling your home and having random strangers walking through your home exposing your family to all kinds of risk may be extremely nervewracking.

But when it comes to selling your home, as a seller, you do have some control over how exactly you go about selling your home to help minimize risk. You can request that buyers sanitize their hands and wear mask prior to entering your home. There are also many sellers who are hiring realtors or photographers that provide in-depth virtual tours to provide virtual tours for buyers.

In addition, many sellers are helping minimize their own risk by wiping down high touch surfaces after showings to help eliminate the risks as well.

Are you thinking about buying a Knoxville home in 2019? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our Knoxville Home Search Page.