Changes in Real Estate Due to COVID-19
The COVID-19 Pandemic has changed everything. People are home with their children all day, sometimes for the first time ever. Many are looking at the way their lives were before the corona virus and want to make a change. For some that means a new home. Now that they are spending so much time there, they realize that it doesn't meet their needs. Too small, too big, no closets, they have decided to change. How does a person buy a home now?
The real estate market is changing due to the pandemic. According to the National Association of REALTORS® (NAR), buyers are more serious than ever before. Previously, buyers looked at nine homes before purchasing. Now that number is down to three—they're moving faster amid crisis concerns.
Other buying trends have changed as well. NAR data shows a quarter of surveyed REALTORS® had at least one homebuyer who bought a home without ever physically seeing the property.
NAR Chief Economist Lawrence Yun says, "Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10 percent of REALTORS® report the same level or even more business activity now than before the economic lockdown."
The key to adapting during social distancing? Technology. To help their clients, realtors are using live videos, social media, e-closing technology, e-signatures, virtual tours and WebEx/Zoom.
Don't put your new home dreams on hold. Give Veta a call and she can help you find that dream home even in these uncertain times. Remember, There's Only One Veta!
Veta The Realtor