Understanding the Current Housing Market (COVID Edition)

Whether you are buying or selling, always consult your realtor to really feel the pulse of the current market!

Understanding national trends in home prices is important, but does it affect your local housing market? You ought to know! As a buyer, you want to get the best possible deal, and you should be on the lookout for opportunities given the recent downturn in the economy.

  • “Many buyers will refuse to pay top dollar given the sharp economic downturn that has resulted in more than 30 million layoffs so far. Plus, if there is another wave of foreclosures down the line, that could also depress prices.”

As a seller, you want to put your house on the market at the right time and at the right price. The featured article gives sellers some good news, even if it’s only temporary.

  • “Home sellers can take heart… home prices are ticking up during this coronavirus crisis—instead of down. In a surprise, the median home list price rose 1.6% annually in the week ending April 25 compared with the same week a year ago, according to the most recent national data from realtor.com® looking at the 99 largest metropolitan areas.”

You may be a buyer, and you may be a seller. You might be both! Keep in touch with your real estate professional to make sure you’re current with the market in a relatively volatile time in our lives.

Consider the economy, the current pandemic we are experiencing, job layoffs, and more before you make a plan of action. The more you know, the better your real estate experience will be in trying times!

Be well!

Read the Original Article Here: Despite the Coronavirus, Home Prices Are Still Rising—for Now