Home Showings Are Higher Than Before COVID-19

Not only are home showings up, they are higher than they were at the beginning of the year.

While they may have dipped during the worst of the shutdowns, low mortgage rates have led eager buyers back to the market.

Still, sellers have been slow to return at the same rate, making our market extra competitive. If you have been hesitant to list, talk with our team and find out why now is a great time to sell.

Are you wondering where the market is headed for the rest of 2020? While projections are all over the board; are three things to consider:

1. Economic Recovery

   The National Bureau of Economic Research officially announced that we’re in a recession, but that doesn’t mean what most people think.

   It’s important to know that the conditions that led to the previous housing collapse– overbuilt stock and risky mortgages- are the exact opposite of what we’re seeing today. Low-inventory and stricter lending practices have set real estate up to remain strong, despite our country’s economic fragility.

2. High Buyer Demand

   While you’d assume that this year’s turbulence may have deterred buyers from making a move, we’re seeing that the pandemic hasn’t really slowed homebuyers at all. 

   The biggest factor in this is historically low mortgage rates, which has greatly increased affordability. 

   For first time buyers looking to own their first home, there has never been a more crucial time to be pre-approved and ready to act as soon as they find the home of their dreams.  

3. Low Inventory

   If inventory was low before the health crisis, it’s hit rock bottom. Understandably, many of those who were thinking of selling this year have put their plans on hold, with fear of the market’s future and the safety of their family top of mind.

   But equity is growing. Home values are appreciating. And economists are forecasting that real estate will not only finish 2020 strong, but growing in strength.

   “The housing recovery has been nothing short of remarkable. The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back,” said Ali Wolf, chief economist of Meyers Research.

Bottom line for sellers and buyers: Waiting to list could mean more competition, and less money for your home. If you are a first-time home buyer it is extremely important to be pre-approved with a lender, and ready to write an offer as soon as you tour the home.