Have Property Sales Changed Due to COVID?”
In the past several months, the United States has seen an adjustment to many markets, real estate included. From how houses are sold, to the price that they go for, it’s safe to say that the market has definitely been affected by the onset of COVID-19.
Let’s take a quick look at how and why the market has changed, and how that might affect sales in the future.
First things first, why has the market changed? In order to boost the economy, interest rates were dropped to record lows. This has caused people to buy more properties, refinance their homes, or even build new homes. Of course, this has meant that – for those looking for houses – there’s more competition. More houses are being sought after by more buyers. This has also led to the phenomenon of folks buying homes for well above the asking price. In many cases, offers are even coming over what houses appraise for.
This means bidding wars and a high level of competition for folks to buy new houses. Therefore, a changed market.
Due to this high level of competition, we are seeing new phenomenons in the housing market, in some cases, those we’ve never seen before. For instance, waiving of inspections, people buying in undesirable locations without hesitation, and of course, homes going for tens – even hundreds of thousands – over asking price.
Offers that have contingencies are often overlooked. And buyers have had to find new ways to make themselves look like attractive buyers, such as writing personal letters, offering big down payments in cash, and ponying up for all closing costs. Of course, each sale is different, but overall, these are some of the new trends we’ve seen come to light.
How to Buy in a Crazy Housing Market
If this sounds overwhelming, don’t fret. At John Bunn Realty, we’re here to help you through the entire buying process. We know the nuances and how we can set you up for success with your home buying process. Yes, even in a crazy market.
We’ll work with you to create an attritive offer that appeals to any seller. We know these are crazy times, but working with a trained real estate pro can help get you ahead of the game.
Besides, with low-interest rates, you shouldn’t let a little competition scare you away from buying the house of your dreams. Take a look at what’s available and start pursuing your next home today. All with the help of John Bunn Realty, certified professionals working in the Columbus and Harris County areas of Georgia.
On the other hand, if you’re considering selling, it’s an exciting time to list. With competitive offers, often multiple offers in a single day, homes are flying off the shelves. Providing you with a great chance to cash in on your home’s heightened value.
To learn more or to start your own home search today, get in touch. We’re waiting to take your call.