Truthfully, it’s a great time to buy and sell. When COVID-19 took the world by storm, I didn’t know if I’d still be able to say that, but I’ve seen things play out here in our market and can thankfully be the bearer of some good news. Why and how is our market holding up so well?
On the selling side, something particularly interesting happened: Initially, so many sellers panicked—quite understandably—and withdrew their homes from the market, which created significantly less competition for those who chose to remain. Fewer homes on the market also mean fewer choices for buyers to look at, so selling now really puts you in the driver’s seat. At the moment, we’re looking at only two months’ worth of inventory. It’s a great time to sell because you’ll be able to target only the most motivated buyers who are willing to offer top dollar for your home. Yes, we have seen a bit of a slowdown in the upper-end price ranges, but even homes there are still moving.
Buyers, what makes now a good time to move forward with your home purchase? As mentioned already, there’s less inventory for you to peruse, but interest rates are literally the lowest I’ve ever seen them right now; in fact, you could seriously argue that these historic rates are an anomaly and that we’ll never see rates like these again—or at least not for a very, very long time.
I just locked in a refinance on my house (thank you Fairway Mortgage), and I’m now sitting comfortably in the 2% range for a 30-year mortgage. Now, as a buyer, you may be able to find a little bit better of a deal on the market than you normally would due to the craziness of this pandemic, but overall I wouldn’t say that that’s happening across the board. The truth is, we’re still seeing plenty of houses fetch multiple offers. That being said, if you’re a potential buyer focused on paying the lowest monthly payment possible on a home you love, now’s the time to act. You’ll be able to put more money toward your principal every month and build up equity quicker than ever before.
Again, if I’m being totally honest, I didn’t think that my message to homebuyers and sellers in the middle of a global pandemic would be this positive. Some of you may already know this, but there was actually a week in which authorities banned home showings. At that point, my heart jumped and I feared the worst for our market. Remarkably though, things have managed to get better for real estate since then.
So, if you’re considering buying or selling a home but aren’t sure how to proceed in these times, reach out to us via phone or email. We’d be happy to hear about your specific situation and help you best position yourself on the market. We look forward to hearing from you!
