The Coronavirus pandemic seems to have strengthened the already-strong seller’s market. While many homeowners have chosen to pause the marketing of their homes until the spread of Coronavirus is contained, others have decided to take advantage of the limited competition and rush to the market. Property owners of vacant homes seem to be benefitting most from this trend since they don’t share the fear that owner-occupiers do about opening their homes to potentially pre-symptomatic and a-symptomatic carriers of the virus that could put their family at risk.
In addition to the virus resulting in fewer listings this spring, it has also caused volatility in the markets and pushed mortgage interest rates even lower. We’ve had clients in the past 30 days lock in rates of 2.875% to 3.125% on 30 year fixed mortgages which is the lowest I’ve seen in my 20-year career in real estate.
Combine these two phenomena and its a no-brainer as to why homes are flying off the shelf during an international health crisis.
If you’re thinking of selling in 2020, let us help you strategize for a successful sale by requesting a seller consultation and market analysis.