By Rich Cosgrove, President Stark County Association of REALTORS®
While the coronavirus has pushed home buyers and sellers into new unchartered territory, many Americans still need or want to buy a home soon. Following are some predictions for the real estate market in the near future.
More Homes Will Come Onto the Market
A bigger inventory of homes on the market may soon be on the horizon for buyers. Many sellers have been waiting on the sidelines for stay at home orders to be lifted. More than 3 in 4 potential sellers – 77% – are preparing to sell their homes following the end of stay-at-home orders, with half completing do-it-yourself home improvement projects, according to a new survey from the National Association of Realtors®.
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy,” said NAR Chief Economist Lawrence Yun. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
On the other hand, buyers who were waiting in the wings for the coronavirus pandemic to end and the economy to get back on its feet may also begin house hunting. Inventory is still lower than it’s been in recent years and buyers will need to be ready to purchase when they see the home they want. Put your best foot forward and make a strong offer as multiple offer situations are frequent in this market.
Interest Rates Are Likely to Stay Low
Over the past few months, mortgage interest rates have been lower than we’ve ever seen, and experts expect that trend to continue. If low mortgage rates and being stuck indoors have convinced you it’s time to find a new home, this may be a time to consider buying.
Keep in Touch With Your Mortgage Lender
Serious buyers should always have their mortgage lender on speed dial, but in these unprecedented times, this advice is more relevant than ever. You will want to already have your finances in order and be pre-approved for a mortgage so you can make a strong offer when you fall in love with a home.
The Stark County Association of REALTORS® welcome you to visit our website at www.starkrealtors.com for a complete listing of REALTORS® and Affiliate members who are sure to meet your professional needs. The Stark County Association of REALTOR® members are honored to service the Stark & Carroll County Communities.
If you have any questions or comments on this article, please contact me by email at email@example.com.
The voice of real estate in Stark and Carroll counties
Source: “What Your Real Estate Agent Wants You to Know About the Housing Market Right now”, realtor.com by Ana Durrani