Coronavirus has transformed almost every aspect of how we live our lives. From the way we work and socialize to the way we plan out our financial futures, everything must now be filtered through the lens of the pandemic. That includes one of the age-old real estate questions—is it better to buy or rent a home?
Some homeowners choosing to get out of home ownership to rent a home during pandemic
Buy or rent a home during Coronavirus
Across the United States, property managers are noticing that many homeowners are choosing to get out of home ownership and go back to renting. Still others are putting their plans to buy a home on hold until they’re able to get back on more solid ground.
Even though the rental economy has been shaken up by the pandemic—or perhaps because it has been shaken up by it—apartments and other rental properties are still in high demand. As the Washington Post recently reported, many renters have found themselves with more options than ever before, due at least in part to vacancies caused by the pandemic.
The choice between owning or renting a home during COVID-19 largely comes down to your personal situation. Owning a home remains a crucial step toward generating long-term wealth and achieving financial freedom. But in such uncertain times, renting can also feel less risky.
Renting is less of a commitment than home ownership, and while owning a home represents a path toward long-term freedom, renting offers more flexibility in the short term. For anyone facing a shaky financial future due to Coronavirus, it’s not hard to see why renting might look like a safer option, at least for now.
Tips for selling your home during the pandemic
If you’re one of the many homeowners looking to get out of home ownership and move back to renting, then you’re faced with another challenge. Namely, you have to try to sell your home during a pandemic. That might seem like a daunting task, but there are a number of ways you can work our current situation to your advantage.
Go virtual. The importance of virtual tours to sell homes has skyrocketed in recent months. Also known as 3D tours or 3D walkthroughs, virtual tours have become the tool of choice for real estate pros who know that buyers are uncertain about attending open houses in person.
Understand your buyers. There’s an upside and a downside to selling your home during challenging times. The downside is that your listing is probably going to get less attention than it would under normal circumstances. The upside is that the people who do check it out will be much more serious about buying. Take advantage of the fact that anyone interested in buying your home during the pandemic is likely to be very prepared, and very serious about buying.
Invest in professional photos. Online listings are more important than ever before, so don’t let poor photography ruin your chances. Hire a professional to stage and shoot your home in the best light.
Highlight unique features. It’s always a good idea to showcase any special or unique features your home has, but now more than ever, it’s important to look at your home through the eyes of a potential buyer. For someone who’s tired of being cooped up in self-quarantine, a big backyard could be a major selling point. For buyers who are currently working from home, that spare room might be the perfect home office they’re looking for.
There are certainly benefits to renting rather than owning your home during uncertain times, and property managers have noticed a significant trend in that direction. Contact us today to learn more.