House Hunting during a Global Pandemic
The real estate market has felt the effects of COVID-19, but in some regions more than others.
When asked how the pandemic has affected the real estate market, Keller Williams agent Sherry Knutson said, “It depends on the part of the country. In the more urban and highly populated areas, real estate was completely shut down. Here in the Midwest, we were not affected as much.” Sherry, along with many other local Realtors, actually have been very busy keeping up with the demand during this time. Low interest rates are credited with spurring the busy market.
With the need to avoid spreading or contracting germs, there have been a lot of changes when it comes to in-person contact, including a huge emphasis on going about things in a safe and efficient way. “Obviously, we’ve had to change how we do showings. Depending on the sellers’ wishes, we often wear masks when entering their home,” said Sherry. Agents have been more conscientious of how they do their job and are doing their best to keep not only themselves but also their clients safe and healthy.
If you are interested in purchasing a home during this time, be ready to have a strategy to get your home of choice. Sherry stated, “Buyers need to expect heavy competition... the low interest rates enable buyers to get so much more house for the money.” You can count on several offers coming in on one house. “If it’s a good house in a nice location, and it’s priced correctly, there will definitely be many buyers interested,” Sherry said.
One of Sherry’s recent first-time homebuyers, a nurse in Sioux Falls, knows the importance of taking extra precautions to keep himself and others around him safe. “I am willing to wear a mask and practice social distancing,” he said, when asked about making his decision to buy a home during a health scare. He said, “I was not hesitant to buy a home during this time... as it made sense financially, and the interest rates were low.”
During his home-buying process, they were both cautious. They always wore a mask while looking at homes, washed their hands and used hand sanitizer often, and limited touching things in the homes. They began his home-buying process in early May, and quickly had his offer on a home accepted at the end of the month. He closed on the home in early July; with Sherry’s help, it had taken him only two months to find and purchase a home.
If you’ve contemplated buying or selling, it’s a good time to capitalize on your investment. And you can be reassured that the real estate professionals are providing extra precautions to ensure your safety.