How the Coronavirus Pandemic Is Currently Affecting the Real Estate Market
You would think that with our country’s high unemployment rate, furlough rate, and the number of hourly workers who’ve had their hours cut due to the Coronavirus pandemic that the real estate market would be dipping. Think again. According to recent Coronavirus trends, in many parts of the United States, the real estate market is booming; houses are selling in just a matter of days!
What’s Driving Real Estate Sales During the Coronavirus Pandemic?
Many economists believe that our historically low mortgage interest rates are simply too good for today’s homebuyers to pass up. With the ability to secure a home mortgage for a low interest rate, buyers have the opportunity to purchase their dream home. And, they may even buy on the higher end of the budget since their monthly mortgage interest rate will be lower than it would have been just one year ago.
(READ: How is the Coronavirus Affecting Interest Rates?)
Current Coronavirus Trends: Virtual Home Tours Are Becoming More Popular Than Ever
For quite a while, listing agents have been video recording tours of the homes they put on the market. Or, they may be having their photographers take panoramic images of the homes they’re listing so buyers can take a virtual tour online before going to an in-person showing. However, with more Americans with pre-existing medical conditions staying home due to Coronavirus, virtual home tours are becoming more popular than ever before. In fact, some homebuyers are putting offers in on homes without ever stepping foot in them. Some are also making their purchasing decision solely based on virtual tours.
What’s the Real Estate Market Like in Your Area?
It’s important to remember that while in general, the US housing market is booming, every individual geographic area is performing differently. If you’re curious how fast houses are moving in your town or city, get in touch with a local real estate agent. Ask him or her what the average DOM, which stands for “days on market”, is in your area.
Get Pre-Qualified for a Mortgage to Make Your Offer Stronger
With so many houses being sold in just a matter of days despite the Coronavirus, some buyers have multiple offers on the table to choose from. That’s why it’s never been more important than now to get pre-qualified for a mortgage before you go house hunting.
We can help you get matched to a mortgage lender so you can get pre-qualified. Simply fill out our online quote form and a mortgage lender who services your area will reach out directly to you.