Although the COVID-19 pandemic has negatively affected many different areas of our economy, there are still people out there buying and selling homes. Today we’re going to focus on what active buyers are experiencing right now. Many buyers began the process before this crisis happened and need to buy in order to expand their family. The good news is that there are still great opportunities out there for them.
One of the main advantages for homebuyers now is less competition. Our inventory levels are near rock-bottom lows, and instead of competing against 10 other buyers, most are competing against just one or two.
Another opportunity has to do with interest rates. Due to shifts in the stock market, interest rates have become extremely attractive for those who qualify. If you are in the process of looking for a home to buy, make sure you get a pre-approval. If you have one from earlier in the year, make sure you’re getting an updated one. Most agents aren’t looking at pre-approvals that are more than a few weeks old.
Finally, we’re seeing a big shift in terms of how people are viewing properties. We saw showings drop dramatically at the end of March, but they’re up by over 25% in just the last few weeks. Buyers in today’s market are much more interested in virtual tours, Matterport tours, HD photos, and videos than they have been in the past. For-sale homes that provide them are where buyers are starting their search. From there, we can help you figure out what the right fit is to save you time, keep you safe and healthy, and make sure you can find the house of your dreams.
If you have any questions about buying a home, or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.