- August 10, 2020
- Thomas Adam
- Real Estate
Realtors have faced countless challenges this year. Besides the pandemic, a weakened economy, and massive layoffs, many people have decided to put selling their home on pause for the year.
While these challenges are certainly formidable, realtors should appreciate that this summer might actually be one of the best times in years to sell a property. In the hopes of giving realtors renewed vigor in approaching clients, this article reviews some silver linings of the current real estate market.
Buyer Demand is High
Even though lockdown restrictions continue in many parts of the country, property buyers are still eager to make a purchase. Based on data provided by the National Association of Realtors, the real estate market is already beginning to see a resurgence in buyer interest since the early days of the pandemic.
Besides an increased demand for property, many people have begun to spend more time on their properties than previously. This has led to many people realizing that their current properties are no longer as comfortable as they were before the days of COVID-19. These past few months of isolation have provided increased appreciation for one’s home and have instilled a desire in many to look for an upgrade.
Inventory is at an All-Time Low
Despite strong interest among property buyers, the number of properties for sale is currently at an all-time low. The COVID-19 pandemic further depleted the already existing shortage of homes in the country. On top of that, more people are living in their homes longer than they once did.
Property Prices Have Increased
Given the increased demand for homes and the decreased inventory, conditions are suitable for property sellers to secure high prices. As a result, many people are discovering that they can get a lot for their properties due to current market conditions. This news comes as a relief because many people initially predicted that the property market would take a substantial hit and prices would drop.
Mortgage Rates are Competitively Low<2>
Contrary to what some believed, another factor encouraging property buyers to purchase is that mortgage interest rates are competitively low. Based on data provided by Freddie Mac, average interest rates currently reached a competitively low rate of 3.07% for a 30-year fixed-rate mortgage.
The Economy is Beginning to Recover
Despite unprecedentedly high unemployment rates in March and April in the United States, these levels have since begun to drop again. This is a good sign that many people are still situated to purchase a home. Despite the risk that a second wave or additional spikes in COVID-19 confirmed cases could further impact unemployment numbers, national trends are heading in an optimistic direction.
Speak With a Knowledgeable Property Law Attorney
If you are a realtor facing challenges in today’s market and need the help of a skilled property attorney, do not hesitate to contact the Adam Law Group today to schedule a free case evaluation.