Low mortgage rates, tight inventory, and a mild winter combined to produce a very strong first quarter of 2020. March, historically the beginning of the busiest buying season of the year, came in like a lion, but due to the novel coronavirus pandemic, looked more like a lamb by month’s end.
Safety protocols and social distancing norms have fueled the increased use of technology among our McGrew REALTORS. Many agents are finding creative and effective ways to show houses and complete closings, including using virtual tours, messaging apps, e-signatures, and social media as a tool for promotion.
The encouraging news is that many sellers are still listing, and buyers are still buying. Real estate is deemed an essential service to the economy, and transactions are moving forward, but often in different ways. According to a new survey by the National Association of REALTORS (NAR), 25 percent of REALTORS said at least one client had signed a contract without physically seeing the property.
Despite the hardships that have been caused by the pandemic, this could be an optimal time for motivated buyers to make a move. With mortgage rates at unprecedented lows and less competition due to social distancing regulations, serious buyers may have a window of opportunity.
Sellers can also be successful due to low listing inventory numbers across the nation. Less listings mean that if a house is truly market ready and priced attractively, buyers will be more inclined to commit. With home prices being driven by supply and demand, the need for entry-level and midlevel priced homes is key to more transactions. If you have a home that fits into this category and have considered moving, it’s a great time to call your McGrew REALTOR to discuss your options.
REALTORS are optimistic for a post-pandemic market rebound, according to NAR. Much of the activity that has paused due to the coronavirus outbreak is predicted to reappear later this year. Home prices in most markets are unlikely to fall due to even lower inventory, and buyer demand will likely rebound sharply. As we all spend more time at home, we are constantly reminded that real estate is a basic need and vitally important. McGrew Real Estate is ready when you are.