The COVID pandemic has affected real estate, but not in the way one might expect. Initially, it threw the entire industry into a panic but now we have a system in place and everyone is back to work. Lenders, appraisers, inspectors, title companies, recorders, and realtors have worked out how to continue doing our business in the safest and sanest way possible.
What does that mean for you – the potential buyer or seller?
For the seller – you can stage, paint, and prep your home in exactly the same way you could prior to the pandemic. We cannot hold open houses though so we are marketing a bit differently now. Nonetheless, generally speaking, homes are selling for record-high prices with multiple offers.
For the buyer – because you cannot see homes on the weekends at open houses you will need to do a bit more research upfront. I will personally show you every home you see which means we are a bit more selective about which homes we visit so as to avoid unnecessary contact. We will order the disclosures, review the online information, and then, once you decide you are really excited about a given home, we will go see it/them in person! Beyond that, we can still make offers just as before!
How has the market responded?
A day feels like a week and a week like a month in this market. As I write this, in August of 2020, the interest rates are record low. This seems like a good thing but in reality, the housing prices will and are rising to meet the discount buyers are receiving on the loan end. The inventory has been at a record low but is just beginning to catch up and this fall should see more to choose from. That said, unlike what we all hoped (at least all the buyers) prices have not dropped. At least not yet.
I recommend that buyers consider looking further afield for homes. Now that working from home is likely a very long term option for so many of us, perhaps purchasing a home in an area that once felt like a commuter’s nightmare is now an option?