While some may think the coronavirus has put a damper on the real estate market, they would be wrong! The housing market has fared well during the global pandemic. In fact, the local SW Virginia and NE Tennessee housing markets are very strong, with most new listings going under contract within days of being on the market.
Homebuyers should be prepared to make quick decisions when finding the home that fits their needs since many homes are receiving multiple offers. Therefore, homeowners may be missing out on these opportunities because of common myths about the housing market.
The top 4 myths of how the coronavirus has affected the housing market are listed below.
It’s a Bad Time to Sell a Home
With high unemployment rates and stress caused by the pandemic, many believe it’s a bad time to sell a home. However, the opposite is true. There is an influx of buyers anxiously searching for a place to call home, but not enough homes on the market. As buyers compete with the limited amount of inventory, it is essential that homebuyers be on top of their games in terms of pre-approvals and making strong initial offers to help secure the home of their dreams.
Home Prices are Dropping
Record low mortgage rates are increasing buying power. This combined with the lack of supply results in higher home prices. In fact, according to REALTOR.com, the national median price for single-family homes increased by 7.7% during the first quarter of 2020.
You Can’t View Homes in Person
While you can still enjoy the convenience of one-on-one virtual showings with your agent, you can view homes in person too. Agents are taking extra safety precautions to help protect buyers and sellers during in-person showings, such as wearing masks and following social distancing guidelines.
Everyone is Leaving the Cities
Although homes outside the cities and in rural areas are indeed attracting more attention recently, it doesn’t mean that everyone is leaving the cities behind. In May, the number of views on properties in suburban ZIP codes had nearly double the views that listings in urban areas received, according to realtor.com® research. However, many of those surfing homes in the suburbs, may not be as serious about making the move.
Don’t let these or other real estate market myths keep you from listing your home or beginning your home search. Contact our knowledgeable agents to learn more about the local housing market and the buying or selling process.