No one has a crystal ball but a few trends have emerged in the few weeks as we’ve all been hand-washing and keeping an eye out for toilet paper.
Some good news for Sellers that already have a home on the market: in any real estate market, there are always people who — for one reason or another — must purchase a home. These motivated buyers have hit a market that was already struggling with low inventory. With the present uncertainty, fewer people are listing their homes for sale. The low inventory works in your favor.
Good news for buyers: interest rates are unbelievably low. The largest factor in the overall price you pay for a home is how much interest you pay. With interest rates in the low single digits, the amount you will pay over the life of your mortgage will be far less than in other times.
More good news for sellers: stir-crazy people are driving around more than usual, and are looking at property. It’s a good idea to make sure these folks can jot down a way to get in touch with you or your Realtor.
Good news for both buyers and sellers: real estate has not stopped. We are still showing property (with best practice social distancing, gloves, hand sanitizer, etc.) and closing deals via the internet or teleconferencing. Today (Tuesday, March 23rd) in the Emerald Coast MLS area, there were 115 properties that went under contract and 100 closings. Only 132 new listings were entered.
Possible good news for buyers: some people who live-and-breath cable-TV news are panicking. And everyone is concerned. This might be a good time to offer a lower price for a property at the top of your price range.
If you would like specific information about your property or neighborhood, please be in touch. We are working and maintaining a close eye on the local market.