Hi folks, you are probably wondering (well, maybe not . . . ) how the real estate market is going. Well . . . it’s going about how many things business are going during COVID-19. Spring is usually a very busy time for real estate and this year started out very strong. However, as you can imagine, real estate activity has shrunk quite a bit. There is an extremely low inventory of homes and many buyers have delayed thoughts of purchasing right now. Many people, buyers and sellers, are waiting to see what happens next, not just with real estate things, but with EVERY thing.
The good news is that IF you are in a position where you NEED to buy or sell, that’s likely still very possible. Real estate has been re-classified as an essential business with restrictions. If you have a vacant home to sell, we can move forward as long as we follow certain precautions related to the COVID-19 virus. We definitely want everyone to stay safe and healthy so understandably there are a lot of rules around this. If you have an occupied home to sell, it can be listed, but it will prove more challenging to sell right now. But let’s talk about the challenges and find a path forward.
If you are a buyer there is limited inventory but thankfully not quite as much competition. One of the biggest hurdles with buying, besides the low inventory, is on the lending side. Lenders have relaxed some regulations (approving drive-by appraisals in some cases, for instance) but have made other regulations more stringent and/or loans more expensive. But interest rates while variable (depending on the volatile markets) are still historically low, which makes it good for buyers still. And if you are a seller, due to the low inventory, it’s still a decent time to sell. As always, I’m here for you. If you have real estate questions, please reach out. I’m here to help.