Home sales were at an 8-year high until February 2020. *Cue COVID-19.*
The novel virus sent the majority home to quarantine, and reflect on what the “new normal” would look like, when it would get here, and how in the world we would adjust. With the fear of an uncertain future looming, questions began pouring in:
Will my income be affected? Should we pause our house hunting?
Will interest rates go down? Is it going to be the perfect time to buy?
Should I refinance my home or hunt for more square footage?
Obviously, the keys for any real estate agent are: Getting listings and qualified home buyers (credit worthy).
And for real estate agents, we have good news: Timing is on your side! The Spring buying season that was delayed due to COVID-19 has now been extended through the summer months – and that’s good news for agents, buyers, and sellers alike!
About 43% of residential homebuyers have delayed the buying of a home for a couple of months. They are waiting for the re-opening of the economy. Roughly 20% of buyers have stopped looking at homes for sale due to concerns about jobs or the loss of a job. About 12% are continuing to see properties and 8% have decided not to buy indefinitely.
There is a serious pent-up demand for existing and new home purchases, but pricing and availability are holding back what could be an explosive real estate market. And the inventory of houses for sale in June is tight. Buyers want to sell, but they’re waiting for “the right time to list.”
Now is the time to put your agency top of mind with every home buyer and seller.
Sources: National Association of Realtors, Federal Reserve, Realtor.com, Noradarealestateinvestments.com