You may be curious to know what impact COVID-19 has had on the real estate market. Many people are wondering if they should buy or sell a home in 2020. Although some have modified their plans, and understandably so, the market in our area has stayed relatively steady – and it is rapidly picking up!
Lawrence Young, Chief Economist at National Association of Realtors, has observed the beginnings of a turning market:
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
According to the 2020 NAR Flash Survey: Economic Pulse, more than 3 in 4 potential sellers are preparing to sell their homes once they are confident it is safe and stay-at-home orders are lifted. This means there will be more available homes on the market for interested buyers.
Even Zillow has seen an increase in listings, which is a good indicator of the health of the market:
“The number of new for-sale listings overall has shown improvement, up 5.9% last week from the previous week. New listings of the most-expensive homes…are now seeing the biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more confident because of improving buyer demand, as newly pending sales have also jumped up during the same period.”
Recent events have impacted buyer preferences, according to the NAR Survey:
- 5% of buyers are now looking at changing their focus to suburban areas rather than urban areas.
- 1 in 8 Realtors are seeing changes to desired home features, including: home offices, larger yards, and more living space for families.
- Only 17% said their buyers ever stopped looking due to COVID related concerns.
As mentioned, buyer demand is still strong, many are just waiting for more homes to come on the market.
If you are thinking about selling your house, now is still a great time to sell. Chances are there are eager buyers looking for a house just like yours! Let’s connect today and we can setup a free market analysis for your house.