The U.S. economy is struggling to come back from the coronavirus. One area that’s proved surprisingly strong: Housing.
Pushed by low mortgage rates, real estate in many cities is selling nearly as briskly as it was before COVID-19 changed the social landscape. Homes are selling quickly and for sums that are often at or over the asking prices.
At the same time, millions of Americans are losing their jobs. Their financial futures now hang in the balance. All of that places the spring buying and selling season, typically the busiest time of year for home sales, in serious jeopardy. According to Zillow, the number of new listings usually grows around 50% from March to early April, but fell 19% this year, as the virus spread.
So what should you expect during the home buying process during these unprecedented times, and how can you make the most of it? Read the advice below.
Try to Tour Homes Virtually
Many listing agents and sellers are making virtual home tours available to buyers online so that you can walk through the home or attend a virtual open house via Facebook Live, or some other live streaming service. Ask your Charles Burt real estate agent how you can tour homes for sale in Joplin – online.
Be Patient When Trying to Secure a Mortgage
Technology is making real estate deals happen, it doesn’t guarantee it will be easy for those looking to purchase or sell a home. Applying and getting approved for a mortgage may prove more time-consuming. With unemployment at staggering rates, mortgage servicers are busy helping homeowners. At the same time mortgage rates, while at historic lows, are still in flux, making it harder to lock in a rate.
You may also want to go ahead and get pre-approved for a loan, as the housing market is hot, and homes are selling fast. Getting pre-approved will help you act quick when you find a home you love.
For Now, Buyers May Have The Upper Hand
The coronavirus has hit the economy hard. But so far at least, this does not mean that home prices have plummeted across the board or that buyers can lowball their way to a bargain. Instead, in most real estate markets, home inventory remains very tight.
Some sellers have pulled their listings as they wait for better market conditions. On the flip side, a home seller who doesn’t have the luxury of time is facing a smaller buyer pool, due to safety concerns and limited physical access to touring homes. So buyers could have the upper hand for a short period when it comes to homeowners who need to sell.
Contact Charles Burt Realtors
As we all navigate the changes in our day-to-day lives due to the coronavirus pandemic, it’s important to be patient and flexible with your agent and with sellers, who may have to follow certain guidelines, such as only allowing one buyer inside a house at a time. For more information about buying, selling, and renting homes in the Joplin MO area, contact the best real estate agents at Charles Burt Realtors today!