The residential real estate market, while strong, is already starting to shift drastically. Take a look at how the current pandemic is affecting the selling and buying of property across the nation.
How the Pandemic has Affected Real Estate Sales
According to Realtor, one of the top real estate websites, the inventory of listings is already minimal. Homeowners who can afford to wait are deciding to pull their listings, while individuals who have been looking for a home are faced with a small inventory.
As much as 28% of realtors are seeing a decline in the availability of houses for sale as a result of the current pandemic. While this may seem worrying, a lot of buyers could actually get a good deal on a home right now!
Due to the decrease in active buyers, buyers could likely acquire a good deal on their dream home! About 48% of realtors reported that buyer interest has dropped dramatically, which could mean less competition for active buyers to worry about.
How the Pandemic Has Affected Real Estate Rates
Buyers who are still actively looking for a home could acquire a great affordable rate on their mortgage! Mortgage interest rates keep falling, and they hit an all-time low in March of this year!
The average U.S. rate for a 30-year fixed mortgage has recently dropped to 3.29%! While mortgage rates shift every month, the national average rate for a 30-year fixed mortgage in 2019 was 4.28%. This is a massive change that could positively impact buyers looking to close on a home right now.
How the Buying and Selling Process Has Changed
Individuals are still buying and selling homes. However the process of looking for a home has shifted online as many people are following state health protocols. A lot of realtors are conducting virtual tours and communicating with clients via video chat or email.
Instead of open houses, many realtors are scheduling private showings for buyers in order to minimize the risk of exposure to other individuals. For closings, documents are being signed electronically!
There are many safety precautions being taken, so buyers who are looking for a home right now need not fear having to wait to buy their dream home at a later date. Although the real estate market is being affected by the current pandemic, this does not necessarily impact home buyers in a negative way.