Is it wise to buy or sell a house during the pandemic?
Some of us may need to hear a little good news these days. With all the concern over the pandemic and the fallout in the economy, one bright spot is the housing market. Coming out of a three-month lockdown starting in March of this year, we are seeing the positive effects of that pent-up demand. We continue to have low inventory, so it is not uncommon for Sellers to receive multiple offers on homes in the area. At the same time, we are seeing fair pricing and low interest rates, and this is good news for Buyers.
One new trend we are seeing is the “move up” home. With folks working from home now, and for the foreseeable future, and children having to do Distance Learning from home for school, people are looking to add square-footage or an extra bedroom or two, in order to accommodate home school and home office needs. This transition and mobility is providing inventory to the first time Buyer that might not have been there under a pre-COVID 19 set of circumstances. One family moves to a larger home and thus frees up a smaller home for a new Buyer.
Take advantage of the opportunities listed above and you will not regret the investment you made during a very uncertain time. Our grandparents survived pandemics, and recessions, and all sorts of other hardships, and their homes became the largest generators of wealth they had. Today, we have the same type of opportunities they had, and your home can help you write the next chapter in the story you will tell the next generation.
No time like the present to sell your house! Even during a pandemic, interest rates are at an all-time low. Low rates have kept many buyers in the market for a new home. The extreme lack of inventory is producing a highly competitive seller’s market with many homes receiving multiple offers. Buyers are submitting higher offers with creative incentives for sellers, such as shorter escrows and as-is purchases. As far as health safety for sellers in a pandemic, the utmost care is being given to the homeowner, buyers, and agents. Masks, sanitizer, gloves and limited access to property: only people who are on the loan are allowed to view the property – no children allowed. Prior screening of potential buyers is being taken, allowing for only serious buyers to view the property.