During the Stay-At-Home order, is this a good time to buy or sell a house?
We had planned to put our home on the market in March but decided to wait to see what happens with the Covid-19 virus. We still need to sell and wonder if anyone is buying or selling homes now?
Great question! I hope you are well and staying safe during this Stay-At-Home order in Michigan.
There are always people in the real estate market for a variety of reasons. It is often a necessity and not a choice. Perhaps a new job is bringing someone into or away from the area. Others need to downsize or buy a more affordable house. Some can no longer navigate stairs or do yard work and must move to a home that better suits their needs. Maybe a landlord is raising the rent or not renewing a lease. The list goes on. With interest rates at record lows, there is no better time to buy a house than now!
Historically springtime sees an increase of homes listed for sale but currently there is very low inventory due to the virus pandemic. Some sellers have decided to wait to put their homes on the market. Other sellers, whose homes were already listed for sale, have decided to pull them off of the market. Homes on the market now have the advantage of less competition, no question.
While most people are home at this time, screen-time is way up. Homebuyers are online looking at the houses currently for sale and making notes of which homes they want to see once the Stay-At-Home order is lifted. These buyers are not seeing the homes that have been pulled off the market and they are not seeing homes like yours that might hit the market in the future. Point being, if you are looking to sell your home, you are missing a great opportunity to market it to all the buyers who are looking now.
It is important to know that during the Stay-At-Home order in Michigan, buyers are not permitted to walk through homes-for-sale, either occupied or vacant. Doing so is considered a violation and getting caught could result in fines. You may be surprised to hear that homes that are listed for sale are still selling without showing traffic through homes. We continue to see offers, sometimes multiple, offers everyday. Buyers are using photos and virtual tours to view homes and then submitting offers without physically walking through the home.
For buyers, interest rates are currently at record lows. If you are thinking of buying this is a great time to talk to a lender, have your pre-approval letter ready, and start looking online for your new home.
All indicators point to a robust real estate market this year. I encourage anyone planning to buy or sell a property to first consult with a local Realtor who knows the local market. Your Realtor will listen to your goals and guide you expertly through the process of buying or selling a home.
Do you have a question about Real Estate? Send it to Tracy at firstname.lastname@example.org