Summer is typically when the real estate market heats up, especially for homebuyers. This year, however, you may be wondering how the COVID-19 pandemic is affecting the housing market. Whether you plan to buy or sell a home in the coming months, you’ll need to be prepared for what the market will look like once life is normal again. Read on to learn what to expect from the real estate market throughout 2020.
You can probably guess that the real estate market is not operating in a traditional manner at the moment. In-person showings have been limited, and many who want to sell their homes are cautious of putting it on the market right now. Potential homebuyers are also weary of making major investments right now, with unemployment rates high and a great deal of uncertainty. Despite all of this, real estate professionals have been working tirelessly the last few months to ensure that the industry remains safe for buyers and sellers.
One of the biggest factors in people looking to move during this time is the newfound ability that many have to work remotely away from the office. Because some employers are not requiring employees to physically be in the office, many people who own homes in metropolitan areas are looking to move away from the city. Companies like Amazon and Microsoft have extended their work-from-home policies until autumn, and economists are predicting that real estate trends might shift and cause a “suburban boom” in the housing market. As we look to our new reality, economists predict that post-pandemic housing preferences may move away from densely populated cities, due in large part to the virus and more lenient work-from-home situations.
Another added benefit of selling or buying a home during this time is the transparency of the internet. Most real estate professionals are making even more of an effort than usual to keep up their social media presence. This allows potential buyers to search listings from the comfort of their own homes without having to spend the day at several properties. Platforms like YouTube, Zoom, Facebook, Instagram and Twitter are making it easy for sellers to remain connected with prospective buyers. Having information readily available online makes the process even more enticing for buyers who may have been on the fence.
Whether you are looking to buy or sell a home, we are ready to help. Though we are living in an uncertain time, we can make finding your dream home easy and simple. We are taking several safety precautions to make sure the experience is safe for all of our clients. We can’t wait to help you.