COVID-19 and your home search
In times of uncertainty, people are reluctant to make major decisions or changes. I can say I have been quite surprised by the many people who have called me to see some of my listings and those that have contacted me to look at homes they have been following on the internet. This leads me to believe that the housing market is not going to be impacted in the same way that the crash of 2008 affected our real estate market. Many sellers are reluctant to put their homes on the market at this time. The low inventory has caught the attention of hopeful home buyers. With interest rates still at historic lows and pricing that has, at the least, leveled off, buyers who have job stability are definitely in the market to purchase homes. Some investors have contacted me in search of land to build rental properties in the rural areas. It is their belief that many people will head for the hills to escape the density of city life. With the stay at home order, people are keeping themselves occupied shopping on line. I don’t think that days on market will have a negative impact on current listings because everyone is aware of the challenging times we are facing. So, if home purchasing has been something you have been planning on doing, keep on shopping for the perfect home. We are bound to see an increase in inventory as soon as the air clears and we return to some kind of normalcy. This normalcy promised to be different from life as we knew it. Just like 9/11 changed things forever, the Corona virus will change our lives in the future. It is a blessing that we have a lot of altruistic people in our world donating large sums of money to the talented scientists and inventors so that a cure/remedy for this deadly virus can be discovered. Hope will see us through.