The events of the past few months have had a profound impact on the lives of millions across the globe and will have a lasting impact on the way business is conducted. Real estate is no exception. Buyers and sellers in the real estate market have all felt the impact in different way.
If you are in a position to buy right now that is great. Unfortunately many have seen negative financial impacts due to the pandemic but many businesses have successfully transitioned their workforce. Current buyers are able to take advantage of historically low rates. This has been offset by extremely low inventory which has raised prices in many popular areas. Just last week a buyer of mine submitted an offer and we were one of sixteen.
With inventory extremely low, homes are moving extremely fast. If they show well and are priced right, sellers are often seeing multiple offers escalating over asking waiving most if not all contingencies. Basic supply and demand is at play here. There are buyers lining up to get in to homes in hot area.
Everyone needs a place to live and that is why real estate has seen the market remain steady. Our business is changing everyday as we learn more about the virus but it is important that everyone takes the necessary precautions when taking place in the market. Wear masks, reduce touching and keep social distancing practices in play.