Alternative for Would-Be Sellers: Taking a Break
“The recipe is cash and balls: Throw in a very low offer and see what sticks. No guts. No glory.”
–“As Coronavirus Cases Grew, Some Wealthy Buyers Still Bought Multimillion Dollar Homes”; The Wall Street Journal (3/26/2020).
[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.]
Anyone who’d try to sell their house in the middle of a pandemic must be desperate, right?
That’s the inescapable conclusion at least a few Buyers (and their agents) may be reaching right now.
And, acting accordingly when it comes to making any offers.
Which is why prospective home sellers who aren’t desperate (and don’t have an especially thick skin), might be wise to reconsider listing their home at the moment, and accruing damaging market time.
Alternative for the Cash-Squeezed
Alternatively, Sellers who need cash and have equity in their homes may instead want to consider a home equity line of credit (“HELOC”), at today’s very low rates.
One major caveat: a HELOC requires a source of income, typically a job.
If the applicant has recently been laid off . . . no go (note: if a couple jointly owns a home, and one of the partners is still employed, it’s possible that they may still financially qualify. Alternatively, the employed partner may qualify on their own).
See also, “Real Estate Sales During a Pandemic: Hand Sanitizer, $75 Drone Shoots, and “Covid-19 Clauses”; “The Corollary to Buying a Home in a Pandemic: Selling One“; and “Buying a Home During a Pandemic”: The NYT Interviews 2 Minneapolis Couples.”