If you’re looking to buy a new house, or thinking of selling yours, you may want to pay attention to the effects of COVID-19 on the home-buying process.
Spring is usually the time when many decide to check out properties, negotiate and close on new places.
But given the current outbreak, is it time to rethink your real estate plans?
Realtor.com reported that it depends on how bad your area is suffering, but that the crisis is generally impacting most markets.
Lawrence Yun, the chief economist for the National Association of Realtors, said that this pandemic is leading to fewer home buyers searching for new homes. Yun also claims that social distancing measures are causing some listings to be delayed.
A survey conducted on March 16 and 17 by NAR Flash Survey: Economic Pulse, said that 48% of real estate agents have noticed a decrease in buying that is affiliated with the coronavirus outbreak. Of that data, however, 45% said they believed lower-than-average mortgage rates are making people look at properties.
Experts say with fewer people looking to buy a home, people will have less competition.
Although this is a terrifying time to be outside and looking for homes, it is still positive to do so while being safe. Many agents in real estate are offering virtual home tours while working remotely.
While social distancing orders still remain in place, real estate agents are sending their clients videos of whatever properties they want to look for on their house-hunting journey.
Real estate experts say you can research ways to reduce your closing costs. People can also work with their agents on finding a simple way to pay for the property.
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