Real Estate in the Age of Coronavirus
Many people are asking themselves whether it’s a good idea to continue the home buying process during the Coronavirus Pandemic. The truth of the matter is that there are always people who need to sell and buy homes. Here are some of the reasons why people are still buying and selling real estate.
1. Unmotivated buyers have stopped looking, leading to less competition. Ryan Serhant of Bravo’s “Million Dollar Listing” is quoted as saying “This is the best buyer’s market I have ever seen in my career.”
2. The real estate industry has adapted to current circumstances and gone almost completely virtual. This means that you can house hunt, submit and offer and close mostly from the safety and comfort of your home.
3. Mortgage rates are still low right now. If you decide to wait until the economy opens up, remember that rates will most likely rise at that time. Many will need to refinance due to economic circumstances and there will also be an influx of people applying for mortgages when things pick up.
While it’s still possible to sell and buy real estate at this time, the decision is a highly personal one. Home buyers and sellers need to decide what is in their best interest. In order to do that, you need the facts and a knowledgeable agent to help you through the ever-changing process. Give us a call with your questions, we’re here to help!