The Effect of COVID-19 on Buying & Selling a Home

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Real Estate

If you would like to buy or sell a home for any reason - maybe because you are relocating, need more/less space, facing new financial circumstances, your lease is ending or whatever your reason may be, do not hold back because of the Coronavirus. Instead, let us inform you on how we have experienced the real estate industry responding. 

The housing inventory is significantly lower than it was at this time last year and this could be related to the current pandemic. According to®’s March Housing Trends Report, there were 15.7% fewer homes for sale this March compared with a year ago. With fewer homes on the market, means higher listing prices than normal. Along with higher listing prices, we have noticed that as soon as a listing is activated, buyers are scheduling showings and making offers. When listing your home during this time of social distancing, we have noticed that people are less likely to view homes that are occupied. For this reason, occupied or vacant, we are incorporating more photos with elaborate descriptions, a virtual tour and continuous social media posting of your home. With these methods, we have not experienced trouble in selling homes.

Although the sellers may seem to have the upper hand in the market right now, we have been finding that the buyers may not have the short end of the stick after all. There are many reasons why we say this. First, the mortgage interest rates are so low, buyers are not hesitant to lock in their rate and move toward closing. Next, we have noticed that while listings may be over priced, sellers are actually very willing to negotiate. Finally, there is more access to home photos and details online so you are able to narrow down your favorites before ever even seeing them in person saving everyone time. 

Let us wrap this up for you, whether you want to buy, sell or lease a home, Fanning Realty can get it done.

Call us for all of your real estate needs!