COVID-19 and the Real Estate Market



I’m sure you or someone you know is feeling the effects of COVID-19 or coronavirus. In a time of uncertainty about health, finances and the future of the economy, real estate is booming! Read on to see how it could benefit you.


What Does COVID-19 Mean for Buyers and Sellers?


Mortgage rates are on a roller coaster right now. One minute they’re as low as they’ve ever been, and then the next they’re back up again. The best course of action is to speak to a mortgage professional and have them ready to advise when the rates are low or are stabilizing. The current state of mortgage rates is good news for both buyers and sellers. With mortgage rates dipping low, it means buyers can afford a lot more if they’re able to lock in a low rate, and sellers can relax knowing that their homes are in high demand. Additionally, for buyers, the Atlanta real estate market was shaping up to be very competitive with multiple offer situations on most new home listings. COVID-19 has provided a bit of relief since some buyers have decided to wait until it passes. It’s still a seller’s market though, so with some extra health precautions, this could be the most successful year in real estate in a while.


Advice For Buyers


You know yourself better than we do. You’ll need to take a look at your personal financial situation and job security. If you are comfortable in your financial position and were planning on buying a home in the next few months, this could be a great time to start your home search. With the growing concerns over health safety during this time, one option is to conduct your home search virtually. From meeting with your Realtor through video chats to doing virtual tours, you will have to be flexible, but know it’s for everyone’s safety and best interest. If you decide to do an in-person tour of a home, there are certain precautions you can take to protect yourself and others. Wearing rubber gloves, sanitizing your hands before and after entering the home, and ensuring you’re are not sick before you come inside can all help to prevent the spread of COVID-19.


Advice For Sellers


This is an amazing time to list your home. The demand is at an unprecedented low and with the abundance of buyers looking to capitalize on low-interest rates, you could sell fast for more money! The Agent Creative already does a virtual home walkthrough for every listing, but additional marketing tools can be used to showcase your home without anyone actually having to do an in-person showing. Extra photos and videos, and detailed descriptions can help a buyer envision themselves living there. Unless necessary, conduct meetings via video chat and only give in-person tours to serious buyers. During these visits, offer shoe covers for your guests, hand sanitizer, don’t invite anyone in that is sick, and above all else, don’t allow anyone into your home if you are sick yourself.


What Now?


If you were already on the road to buying or selling this season, continue on that path! If you weren’t, now’s the time to seriously consider it. The housing market is booming despite the fear of COVID-19, and we want you to take advantage of these unique housing market conditions. Wondering if now is a good time to sell or buy in your specific situation? Speak with a lender (we can recommend a few!) and contact us to talk specifics. We’d love to talk one on one and hear your thoughts and concerns.


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