We have recently at some point or another all heard words such as unprecedented, uncertain, historic, difficult times, pivot…on the other more positive side, we also heard words such as resilience, support, “in this together.” There is no denying the Coronavirus (COVID-19) pandemic has changed the landscape of our world in 2020. Everything from the way we work, dine, socialize, spend time together, do business, and learn has drastically changed. If there’s a silver lining in all of these experiences it’s in the way individuals, families, friends, and businesses have adapted to the changes, and even thrive. Now, more than ever we are spending more time at home so if you’re considering a new home, or are looking to sell your existing home, you deserve a comfortable place you can be proud of. Many people might be wondering if it’s the right time to buy or sell a home in the midst of a pandemic, but the good news is, according to the National Association of Realtors (NAR), the market is still showing signs of a strong rebound.
Homebuyer Demand
Pending home sales increased by 44.3%, and that number is expected to increase through the end of the year. Coinciding the housing market came to a near standstill in the spring due to COVID-19 “shelter at home” orders and virtual-only open houses, this is great news for the industry.
With the restrictions now lifted in many areas, potential homebuyers are picking up where they left off this spring and scouring the market for homes. The demand is trending toward suburbs and smaller towns as many companies are allowing their employees to work remotely. If this trend continues, potential buyers will be able to expand their search area and get more bang for their buck when it comes to their home purchase.
Are houses selling now?
According to realtor.com, the answer is a resounding, yes! People still need to move with or without a pandemic, that need will never change. Markets with low inventory are seeing houses sold quickly. As always, be sure to have a conversation with a professional and experienced local real estate agent to get the pulse on exactly how your local market is performing.
How can I sell my house without allowing buyers to walkthrough?
Understandably, buyers want to see the home they’re buying in person. And no, telling them they can walk the property without entering won’t help matters much. According to realtor.com, If you have special health concerns or live with someone who’s considered high-risk, talk with your real estate agent about the possibility of virtual showings. Otherwise, consider just cleaning up thoroughly after would-be buyers leave.
Lower Mortgage Interest Rates
Interest rates are at a historic low, resulting in an influx of mortgage pre-qualification and applications in the last twelve months. For 30-year fixed mortgages, the average rate hit a record low of 3.07% according to a July 2020 report from Freddie Mac. The lower interest rates mean homeowners can potentially save thousands in interest over the lifetime of the loan.
The changing face of homebuyers
As stated above, people are spending more time at home. As a result, many families are discovering their current homes do not provide as much functionality, comfort, room, or design as they were pre-COVID. Buyers who are in the market are looking to trade up their homes for ample designs, extended outdoor space, dedicated office spaces, and larger common areas that fit into their “new normal.”
Choose a real estate agent that will genuinely take the time to understand your wants and needs. Contact Sandy Majetich-Toth at 815-791-2215. I can help you in your search for a new home, or help you sell your current property. Let’s get started today!
