The ongoing spread of COVID-19 has led to a period of indefinite quarantine around the world, including the United States. With all industries in the United States affected by the COVID-19 outbreak, the real estate industry is no exception. However, real estate agents continue to close deals on virtual selling platforms as we progress deeper into peak buying season. While social distancing has created obstacles for agents and sellers, 2020 can still be your year to list your home on the market.
Mortgage rates are at a historic low.
People continue to buy homes during this period of uncertainty because mortgage rates are at historic lows. Since the beginning of 2020, people have rushed to file mortgage applications, as well as others looking to refinance their existing homes. Buyers and sellers should understand that even many real estate markets still remain in good standing this spring.
Property listing dates are less significant at this time.
For years there was negative association with properties that remained on the market for longer periods of time. This way of thinking is becoming outdated because many buyers today are not shying away from homes that have been on the market for a while.
People are now spending more time online.
Although in-person home showings have rapidly declined since the onset of quarantine and the coronavirus outbreak, people are continuing to search for homes online. During this time of social distancing, people are spending time on their computers, tablets, and smartphones now more than ever. If you are looking to promote your home listing, you may still be able to reach your potential buyers due to this increase in online activity.