Our country is in the throes of something unprecedented. No one could have imagined or planned for the events of the past two to three weeks. The impact of this pandemic is being felt everywhere, and real estate is certainly a major topic of conversation.
We’ve been getting many questions from the Dwellful community, and I wanted to take this time to address some of the questions and provide some perspective on what we’re seeing in the real estate world right now.
If you are still looking to buy or sell, what should you do?
Buyers continue to be out looking for their next home. While open houses seem to be off the table across the country, private showings continue to remain, and we are starting to see live “virtual” showings happening more and more. Mortgage rates remain at historic lows and inventory is still relatively low, so buyers who have the means are still out trying to find their perfect property. As a buyer in this market, you may have a bit of an edge and could certainly see less competition than what you would typically be seeing in the Spring Market.
On the flip side, we are starting to see sellers pull back. Simply stated, sellers do have concerns about strangers being in their homes in these unprecedented times. When you couple that with the fact that brokerages across the country are not allowing open houses right now, it’s getting harder to get as many eyeballs on your property as possible, which is the number one goal when you want to sell your property quickly
If you are looking to put your home sale or home search on hold, what should you do?
We are certainly going to see a portion of both buyers and sellers put the brakes on for a bit to ride out the uncertainty of the impact this pandemic is causing. As mentioned above, this will be particularly prevalent amongst sellers.
The question of holding off really comes down to an individual personal decision. Every person and situation is different, so you need to do what is best for you. Factually speaking, the inventory of homes for sale remains relatively low. Whether or not this fact can withstand this economic turmoil to allow prices to hold steady will be something we watch for. Mortgage interest rates are at historic lows. With the current economic environment, we would expect these rates to stay low for the foreseeable future.
Perhaps the scariest part of all this here is the unknowns we all face with this. One of the biggest items we will watch for is what happens with unemployment rates. A rise in unemployment rates will certainly have a longer-term impact on the real estate market, so it remains to be seen what will come out of this from that perspective.
If you are already under agreement and getting ready to close or move, what should you do?
This is understandably a stressful time if you are already in the middle of a transaction. The biggest thing you can do is make sure you are in constant communication with your realtor, lender, attorney, and certainly your movers to get all the latest updates on where your particular transaction is at. All parties are working in full force to ensure real estate transactions continue to close.
No matter what your situation may be, Dwellful is here to help. If you have any questions, need any assistance, or just a little guidance, you can reach out to us at any time.