How to Buy or Sell a House During the Pandemic

Dated: March 27 2020

Views: 577

Everyone’s talking about the CoVid-19 Pandemic, but I want to discuss the Real Estate Market in our area of Michigan.  Since 2017 we have been experiencing a Sellers’ Market.  This simply means that we have not had enough homes for sale.  Because ready, willing and able buyers exceed available homes on the market, the buyers often “fight” for homes by offering full asking price or over asking price.  Sometimes, other incentives are included to sweeten the offer and to entice the sellers to choose that buyer’s offer.  What is amazing though is that during these last three years, mortgage interest rates have barely increased and are currently LOWER than ever!!!  This means that every pre-approved buyer out there can automatically afford MORE house!!  What is also amazing is that more sellers are not taking advantage of this unbelievable opportunity by listing their homes right now.

Now we are facing a new challenge in our industry and in our world, the Pandemic.  Anxiety and health concerns surround us.  Financial worries overwhelm many people.  How is this all affecting the Real Estate Market you may wonder.  On a positive note, Realtors can still list and sell homes.  We can not be physically present at a listing appointment or a photography session or a home inspection.  But, we can list and sell homes gathering all of the data we need from sellers and through our online information platforms.  We Realtors can post the sellers’ or a photographer’s home pictures online.  We can create virtual tours so that prospective buyers can view your home in great detail.  If you are a seller you may wonder why you should bother listing now while the Governor’s Shelter In Place order remains.  Here’s why – buyers are at home using their devices more than usual, anxiously searching new listings daily to find their dream home before rates increase.  Some will even consider making an offer on a home, subject to a walk through after April 13.  Wouldn’t it be nice to have that offer already in your back pocket when the “flood gates” re-open?? What I know will happen as soon as we are free again to go about life and business is this, sellers will hurry to list their homes and perhaps enough sellers will list so that the housing market becomes more balanced and is not necessarily a sellers’ market any longer.  Buyers want to buy now to save themselves increased interest debt over the next 30 years (which can be life changing), and Sellers want to sell while it is still a Sellers’ Market. 

Don’t miss your opportunity. Call me today at 586-484-6781

Blog author image

Linda Fennell

Never before has it been as important to work with a knowledgeable Realtor during your real estate transaction. Today's housing industry is more complex, and requires the guidance of an educated prof....

Latest Blog Posts

A LOOK AT THE HOUSING MARKET WEEK ONE OF OUR RE-OPENING

We held our breath not knowing what to expect once the Governor allowed Realtors to again conduct normal day-to-day activities.  would our clients be too nervous to meet?  Would buyers

Read More

WHAT’S A BRIDGE LOAN?

Some Sellers are reluctant to list their current home for sale because they worry that it will sell and they will not have secured a new home yet for themselves.  What options then does a

Read More

How to Buy or Sell a House During the Pandemic

Everyone’s talking about the CoVid-19 Pandemic, but I want to discuss the Real Estate Market in our area of Michigan.  Since 2017 we have been experiencing a Sellers’ Market. 

Read More

How COVID-19 is Effecting the Real Estate Market

Many people are asking me what I think will happen to our housing market as a result of the CoVid-19 pandemic and the resulting lockdown...Of course this has never before happened in our history so

Read More