Real Estate and COVID: Trends & Myths
We get it – you’re probably pretty tired of hearing COVID-related news by now. The onset of a global pandemic in the early months of 2020 has left us constantly searching for truths and answers for the better half of this year. We’re not scientists, doctors or epidemiologists, so we’ve got no groundbreaking info to share in that realm…however, we ARE experts in real estate, and there are some half truths and outright falsehoods that might be filling your social media feeds, and we want to set those straight for you.
Myth #1: It’s a terrible time to sell your home
Many assume that selling a home right now is just a futile endeavor, plagued by few home buyers and low prices. Perhaps the initial shutdown that disallowed walk throughs and open houses was a deterrent. On the contrary to what you may have heard, the latest statistics suggest that now is one of the best times in years to sell a home for several reasons.
So far this year, data shows buyers outnumbering sellers, and as long as buyer demand remains strong, the market will remain tipped in the favor of sellers.
Myth #2: Home prices are plummeting
Data shows that home prices are growing faster than pre-COVID. Mortgage rates are at a record low right now, and that boosts buying power. Combined with a lack of supply results in higher and higher home prices.
Myth #3: Buyers are holding off on home purchases
Mortgage rates dipped below 3% for the first time in 50 years. While not every buyer is approved for these low rates, the steady increase in economy and fewer numbers of COVID cases are just a few factors that are keeping buyer demand steady.
On the contrary, there are some realistic trends that have been occurring since the onset of COVID-19 in the US, and these are ringing true in our little mountain community as well.
With WFH becoming a reality for many professionals, location independence from the cities that held these folks the majority of the year is no longer relevant. People are looking for more space and privacy in the suburbs, the country, and second-home destinations – like Summit County!
Additionally, the general public is looking for a multi-purpose sanctuary: a home, not just a showpiece. With more Americans working, cooking, studying and exercising at home, we are seeing a dig into living space that we haven’t experienced since the 1950s. People want to make their homes as interesting, comfortable, welcoming, and efficient as possible. This ideology expands outside as well, so homes with ample outdoor space are selling fast. A complete re-imagination of how your home space can exist is taking place, and people are making their bubble as beautiful and accessible as possible.
We hope these insights helped to clear the air about what’s going on in the real estate market as the COVID-19 pandemic continues into the latter half of 2020. The biggest takeaway from all of this is, “Everybody that ever wanted to do anything, is doing it now.” There is no reason that you should put your life on pause right now. As always, please don’t hesitate to reach out with any inquiries you have. We are here to help you find the keys to making your real estate dreams come true!
