Despite new challenges due to COVID-19, the real estate market is still strong

If you are thinking about buying your first home or selling your home, do it. Despite the uncertainty of COVID 19 and the limitations we face, the real estate market is still strong.

The spring market is usually the “busy season” in real estate. The spring market has been extended however because of COVID 19 and it could even extend into the fall.

Inventory is still low, which is an issue for buyers but there are still enough properties on the market that a buyer can still get the home they want if they are willing to look at multiple properties and compete for them.

Banks have tightened the reigns a bit when it comes to lending but interest rates are still low and they should stay that way for the rest of the year. So if you are a buyer and you are thinking of buying in 2020, do it. The money you will save on interest, you can put towards your mortgage if you spend a little above your ideal price point.

On the sell side, now is a good time to list if you are ready to sell. Despite new COVID-19 guidelines regarding showings, there are a lot of buyers out there.

Don’t focus too much on the unemployment numbers nationally. Many of the people who have lost jobs during this time have either been furloughed and returned to work or they would be on the lower end of the price point spectrum. There are plenty of qualified buyers out there.

Competition is pretty fierce right now in many communities so if you are going to buy, be prepared to face multiple offer situations.

As always, think about how much you have been pre-approved for and how much you want to spend. Sometimes it is easy to get caught in the moment and get into a bidding war. Be careful.

COVID-19 has certainly changed the real estate landscape but the real estate has picked up. Do not be afraid to enter the market if you are ready.

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