What to Know About the Housing Market During COVID
Ever since the start of the pandemic, everyone from experts to first time home buyers have been making their predictions of how the housing market is going to be affected. Many thought the market was going to take a turn for the worst, and not neglecting to mention the crash of 2008. In reality, the housing market has not only remained stable, but continues to strengthen. With a shortage of houses on the market and prices at an all-time high, many markets have never seen a better time to sell than now.
Is the Housing Market Going to Crash?
Despite so much speculation at the start of the outbreak, most people’s fears of a housing market crash have subsided by now. With the stock market rebounding and the housing market still on an incline, COVID seems to have had less of an impact than most initially anticipated. However, there are those that still fear a spike in foreclosures and delinquencies into 2021
as the moratoriums on mortgages end and people are still unable to pay their house payments. Although not likely to have an affect like 2008, this could create a down-turn in the real estate market.
Are people still selling homes during COVID?
When COVID first hit, many people pulled their houses from the market. However, after seeing the resilience of the U.S. economy through all this, many decided to re-list their home. With sellers seeing houses in their neighborhood sell at an all-time high, they’re taking advantage of the opportunity to cash out as well. Furthermore, as we will expand on in the next paragraph, many people are selling their homes in the city simply to allow for more space.
Are people still buying homes during COVID?
After being restrained to their house for many months, families have come to the realization that their house is just not big enough, or does not have enough yard and open space.
This, along with interest rates at record lows, families are taking the opportunity to move to the suburbs where they can have a bigger house, bigger lawn, and that extra room for an office that they were never able to afford before.
There are some people who are justifiably concerned with selling their house during this time because they do not want to open the house up to different realtors and prospective buyers that could potentially transmit the virus to them when showing the house. However, even for these folks, accommodations have been made to minimize the contact and number of showings, and some real estate companies are even able to make offers without a person ever even stepping inside the home!
If you are one of these people who want to sell but don’t want to deal with the hassle of listing your house and having person after person walkthrough, give us a call at Burnett Home Buyers
so we can talk you through our process of selling the house without having to deal with the hassle to showing the house several times.