If you are looking to buy a home or sell your existing home, you are likely wondering about the market, given the coronavirus pandemic and ongoing COVID-19 outbreaks. While the financial recovery from the pandemic and business closings is hard to predict, the real estate market is showing some positive of recovery. Prior to the pandemic with its social distancing guidelines, the housing market was booming with home sales higher than they had been in more than ten years. Real estate experts currently believe home prices will continue to rise, though at a slower pace. A look at the real estate market can help you determine if the time is right for your buy or sell a house this year. Let’s check out just how the market is performing.
Before the age of COVID-19, way back in February, the real estate market was having a good year, the best in more than a decade. Enter the coronavirus pandemic with shelter in place orders, which effectively sent buyers and sellers scurrying into a pattern of wait and see. Even so, the real estate market has been anything but stagnant. Adjustments were made to keep real estate professionals as well as buyers and sellers safe, certainly, but buying and selling continued, though at a slower rate. Buyer interest waned early in the pandemic, and some sellers even withdrew their homes from the market.
If you are hoping to buy or sell a home in the remainder of 2020, hope remains. It appears a strong rebound in the real estate market has begun. Home sales are high, but the supply of available homes remains low. Buyers are anxious to move on their selected home and secure record low interest rates. Generally, across the country, real estate agents are reporting strong buyer traffic – good news if you are a seller. The problem for buyers is the number of homes listed for sale is down by as much as 10 percent compared to 2019. Which means seller traffic remains slow, and buyers will have to work harder to find the right home and may find themselves in bidding contests when they do.
In some locations, homes are spending as little as week on the market, in other areas a month or more is the norm. Even so, the experts believe overall home prices will continue to rise, forecasting medium existing home prices for 2020 to be in the range of $280,000 to $290,000 countrywide. This isn’t a huge increase in prices, though prices are rising, which means buyers aren’t likely to be priced out of their target market. And the record low interest rates, which translate to lower payments can help.
Again, as mentioned, there is no way to predict financial recovery or the fluctuations in the housing market, but the latest updates do indicate an uptick in the real estate market. With lots of buyers and fewer sellers, and the help of an experienced professional real estate agent, sellers will be able to get the best price for their home when the right buyer comes along.
The Coastal Home Team Can Help
Even in a difficult to predict real estate market, the professional agents at the Coastal Home Team can help you buy or sell with confidence. Having one of the Coastal Home Team expert real estate agents means you get the guidance you need every step of the way, even in the age of the coronavirus. The market remains somewhat uncertain, but the signs are looking good for buyers and sellers, especially given the exceptionally low mortgage interest rates. Call on the Coastal Home Team to help you evaluate the possibilities and successfully buy or sell your home.