With all the volatility in the economy right now, some buyers have put their search for a home on hold, while others have not.
According to ShowingTime, the real estate industry’s showing management technology provider recent report, buyers have started to reappear over the last several weeks.
“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”
“The March Showing Index reported a 17.9 percent dip in nationwide showing traffic year over year.”
Even though the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country here are three reasons for the increase in activity:
1. Some people need to move due to uncontrollable life events, and they need to do so as quickly as possible.
2. Real estate agents across the country have become very innovative, utilizing technology that helps sellers and buyers virtually:
All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.
3. Mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.
We can see that there’s a big difference between purchasing a house last December and purchasing one now (see chart below):
Many families have decided continue their plans to purchase a home, even during these difficult times.
In Connecticut since April 1st to today April 29 there have been a total of 1,817(62 homes a day) added to the market. The people that want to sell are still putting their home up for sale and does not look to be slowing down and buyers are still searching for homes.
If you are planning on selling or looking to buy a home contact me to get the process started.