These views have created uncertainty within the real estate world and the truth is that at this point it is hard to make any reliable predictions. I personally believe
Will real estate prices go down with the COVID-19 panic?
I am a local Realtor in New Hampshire and have been following the real estate market closely during the Covid 19 Pandemic. Currently, less homes are being listed on the MLS each day.
I have had a client personally decide to wait to list their home for sale until this crises is over. Buyers have concerns about buying a new home and then within months watching the real estate market collapse and potentially making a $100,000 mistake.
The Feds have lowered interest rates and are even considering 0% interest rates. Unfortunately, after speaking to a lender I do business with often, mortgage purchase and refinance rates have actually gone up!
I still have not seen the market turn into a buyers market, we are very much so in a sellers market. Sellers are still receiving multiple offers and get to choose the best offers.
As of the past month there have been less homes coming on the market, with more homes going under contract then coming up causing a tightening inventory. Open houses have been cancelled, but virtual selling is on the rise.
I actually set up tours for clients though Snapchat and give virtual tours! On top of that and signing digitally, deals are still able to happen. So what will come in the upcoming months? This is hard to say but I will certainly be keeping my clients well informed of any updates.
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