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Here are four myths regarding our current real estate market you should stop believing:
1. There is less competition among homebuyers. This one couldn’t be further from the truth; the market took flight after the governor loosened some of the restrictions, and multiple-offer situations are happening all over. If you’ve been considering selling, now’s the time to act.
2. People aren’t selling their homes during the COVID-19 pandemic. Homes are being listed every day of the week. In fact, the morning prior to this recording, 69 brand-new listings hit the market. Furthermore, recent data suggests 77% of potential home sellers are planning to sell their home after the pandemic eases.
3. The real estate market is set to crash. With all the unemployment and talk of a coming recession, people are wondering how this impacts the housing market and whether or not it’s a similar situation to what we saw in 2008. The big difference between now and then is that housing is in high demand. Frankly, the market itself is doing incredibly well. If you’re thinking of buying a home, interest rates are insanely low right now.
4. Homes can’t be shown. Virtual tours have been instrumental in keeping the real estate market moving. Believe it or not, people are buying houses without even walking through them in person. With today’s technology, buyers can take a comprehensive virtual tour to gauge whether a listing truly fits their criteria. In many cases, sellers are only allowing in-person showings to qualified buyers who have already taken a virtual tour, and this has actually made transactions more efficient (safety protocols are being taken for in-person showings). With 3D Matterport software, you can even ‘walk’ into the home and do a full 360-degree turn—it’s like you’re really there!
I hope this information empowers you as a buyer or seller in our market. As always, if you have any other real estate questions, feel free to reach out to us as well. We look forward to hearing from you.
