These are the three main ways COVID has affected our real estate market.
The coronavirus has altered everything, so I’m sharing the three main changes our real estate market has seen because of the pandemic:
1. Summer is the new spring. The health crisis hit the U.S. hard in March, and everyone was adjusting to the new normal in April and May. Now we’re seeing the active real estate market we typically see in the spring. Activity is busier than we’ve ever seen it before; we have many buyers out shopping for homes and sellers listing their properties.
2. Interest rates keep decreasing. In 2019 they were hovering around 4%; now we consistently see them in the mid-threes. This means more buying power and more house for your money.
3. Prices are consistently increasing. Prices are at an all-time high. If you sell your property now, you could sell it for $10,000 to $20,000 more than what you’ll get in a year or two.
If you have any questions about selling or buying a home and want a professional’s insight on the process, please feel free to reach out to us. We look forward to hearing from you.