Despite the pandemic, real estate is still moving forward, and we’ve implemented new strategies to keep everyone healthy.
In spite of the unavoidable fact of the coronavirus pandemic, many of us still have to deal with “regular” issues.
For some people, this includes buying or selling a home — in spite of the current situation.
If you are looking to buy a home right now, let me give you the facts:
1. Homes still available
Yes, open houses have been reduced or cancelled. And some home owners have pulled their homes off the market for the moment.
However, the impact is smaller than you might expect: Real estate economist Lawrence Yun estimates a 10% reduction in home sales this spring.
While that’s a massive decrease for the real estate industry as a whole, it still means 90% of home sales that would have happened will most likely go on. And that’s possible because…
2. The industry is adapting
As I mentioned above, open houses are fewer in number. And even when they do happen, they look different than usual.
Don’t expect large events with spreads of food and drinks. You’re more likely to see Clorox wipes and hand sanitizer, social distancing and the absence of handshakes.
Also, many real estate agents are offering virtual tours. This is a chance for buyers to get a good idea of the property so they can decide whether an in-person showing makes sense.
But home buying in the current market isn’t all about reductions and replacements. In fact…
3. Two current circumstances might actually benefit buyers
According to a recent survey of real estate agents, nearly half reported fewer buyers in the past week.
For any buyers who are still active in the market, this means reduced competition and lower chances of a bidding war.
Even more importantly, mortgage rates recently hit an all-time low of 3.29%. That’s a whole percentage point lower than where we were just a year ago.
And for buyers who can take advantage of these ultra-low rates, it could mean saving tens of thousands of dollars over the course of their loan.
Don’t get me wrong. We all need to take the current coronavirus situation seriously.
But if you do need to buy a home right now, I want to make it clear you still options. For example, take a look at this current listing of all Portland homes available for sale:
Additionally, here is a link to a virtual listing for one of our investment properties. This is a real listing we have that is a great deal and it also really shows how someone can see all the detail of a home they are considering.
If you have any questions, give me a call. It’s an uncertain time and the rules are changing daily, so I want you to know that I’m here to help.