If you’re an investor or property owner, you might be trying to call the ‘peak’ of the market during the Coronavirus COVID-19 outbreak.
Many people will not want to sell their property now because they perceive that they may have missed the ‘peak’. Everyone wants to get their timing just right and to sell at the peak, particularly investors. Many people will perceive that this is just a ‘blip’ and that, even if prices soften meantime, the ‘peak’ will return after the Coronavirus COVID-19 epidemic passes.
The lessons from 2008 are that, especially if you are lucky enough to have seen your property increase in value during your ownership, if you liquidate the asset now and the market does stabilise and turn back upwards, you can always jump back in again.
However, if you hang on too long you will either lose any ‘paper value’ you have gained or you will end up in negative equity through hoping for a day that never came. If that’s the case, you are going to be stuck owning a property, or living in a property, for several years to come that you would rather be out of.
Be Safe and Be Considerate
We have put in place a number of measures to protect the business, our staff and contractors, our clients and our customers during the coronavirus outbreak. For now, however, we are not advising anyone that the should not conduct or attend property viewings.
We do, however, recommend that everyone exercises the same common sense that they do in other aspects of their daily lives during the outbreak and that they make themselves fully aware of how to minimise risk not just to themselves but to everyone else.
For more information and guidance about how to reduce the risk of contracting and spreading Coronavirus, please check the following link to the NHS website.
If any of the following applies to you, please do not go ahead with a viewing, whether you are a viewer or a seller.
- You have been diagnosed with coronavirus;
- You have returned from any of the following Category 1 or Category 2 countries in the past 14 days;
- You are currently self-isolating;
- You are currently exhibiting any of the following symptoms: a high temperature or a new continuous cough.
We’re Here to Help
If you are thinking of buyer or selling your property, our expert team is here to talk you through the best approach to getting the best value in the current circumstances.