Real estate buying and selling options were way down in March 2020 as a direct result of the Coronavirus outbreak. As potential buyers and sellers watched the economy fall apart across the country, real estate suffered as people who may have been in the market to buy or sell a newly built or existing home, decided to shelter in place versus splashing out their money on a mortgage.
There is no doubt it was the right thing to do at the time. Research on Zillow shows that signed contracts on houses are about one-third lower right now than they were at this time last year with people protecting their cash and other investments. There is – though – a glimmer of hope.
Spring always feels like the perfect time to explore your real estate buying and selling options as the weather gets warmer. This year the threat of Corona is still real, but there is an added feeling of hope that comes with spring. Retail sales for housing picked up as we moved through April. This may be a sign the worst part of the crisis – at least from the perspective of the housing market – could be over.
Web traffic – another great indicator of housing interest – also picked up during the last two weeks of April, though the numbers are still lower than average in major metros like New York City and Boston where the virus is a bigger problem. How much of this is people being bored sitting at home versus people actually looking to buy a house is up for debate, but on the back end of this it’s entirely possible that people who were happy with their living condition pre-Corona will be looking for something a little different – a move to space in the suburbs perhaps – that they wouldn’t have considered before.
The whole real estate market has turned virtual in the last month and this is important to consider if you are looking to buy or sell. Housing values have remained steady – impressive given some of our economic markets have gone into free fall. So if you are someone considering your real estate buying and selling options you should be using this time to get your house prepared and learning about the new methods to be on top of the situation when you decide to make the move.
Article by Vital Guidance