Though the situation is likely temporary, the various lockdowns and new rules pertaining to Social Distancing have thrown the housing/buying/selling market into turmoil. Open houses, for the most part, have come to a standstill and everyone seems to be holding their breath waiting for this thing to blow over.
So how does that affect buying a home? Obviously it’s difficult to buy when you can’t actually see a home, but some sellers have begun doing on-site virtual tours. Essentially you connect via video chat direct to the seller, who then walks you through the empty home. While this is working for some folks, the less technologically minded may have trouble with it. Fortunately lowered interest rates may have a benefit to the home buyer, despite the trouble actually touring a home, so the vigilant buyer may be able to take advantage of the unfortunate situation.
For the selling-minded individual, it continues to be a seller’s market. While open houses are still a no-go, inventory is low and any desirable property is getting snapped up quickly.
The market is expected to continue to slow down. Government responses may make or break the difference here. Stay tuned to official announcements to see what benefits are available to buyers and sellers.
Ultimately, we’ll know more as the story unfolds, and as stimulus packages start going out. In the meantime, stay safe and as always, contact us immediately if you have any questions or are considering buying or selling your home!