At Team Zotti, we are here to help you navigate through the real estate market. So, you want to buy a home right now during the COVID-19 crisis? Despite the present market conditions in the economy right now, some sellers and buyers put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed that “The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.” So why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?
What are reasons for this uptick in the housing market activity?
1. People will still need to move. There are many reason such as a financial reasons, death in the family, a new baby, divorcing, financial hardships, or job transfers t0 name a few. Some families need to make a move as quickly as possible and that’s what we are here for.
2. Real estate agents across the country have become more innovative, utilizing technology that allows purchasers to virtually:
Sign Documents Electronically
View & shop for homes whether buying or listing, the virtual tour videos can be online
Meet with mortgage professionals for the process
Consult with their agent throughout the process through closing
These can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves while being timely too.
3. Buyers understand how mortgage rates are a key component when determining their future monthly mortgage payments. The mortgage interest rates are still at an all-time low. That affords today’s buyers more purchasing power and the opportunity to save tens of thousands of dollars over the lifetime of their loans.
The third reason, there’s a big difference between purchasing a house last December and purchasing one right now as you can see! Most people do not realize this!