Covid-19 and the Real Estate Market
TALKING REAL ESTATE - Covid-19
The real estate market in Pennsylvania is open again with some restrictions, so what's next? Here are a couple items to consider as we ease back into buying and selling.
Safety - Given the status of Covid-19 reopening efforts, realtors are adhering to the guidelines set out to protect sellers and buyers. When homes are shown, sellers and buyers both are taking steps to ensure safety for all including: wearing masks, gloves, shoe coverings and disinfecting surfaces during a visit. There is also a required downtime between showings to make sure buyers are protected.
Market Demand - Pennsylvania real estate shut down during the busiest season in real estate. This has impacted the market in a couple of ways. Supply was low, keeping prices strong while buyers also were waiting as the variety of homes was limited. Instead: A reduced supply of homes resulted in higher prices and limited options for buyers. There is likely a long-term impact on real estate that will be felt for some time. Read More about Mortgage applications here.
Gradual Recovery - While the economy as a whole begins to reopen and recover, the real estate market is still uncertain. Sellers may delay listing their home, and buyers may wait for things to settle down. However, given the current low mortgage rates, home-shoppers may be enticed to take action on these rates. With the proper precautions, finding a home or selling yours is possible!
We're Here to Help - Given the complexities of the market, I am always happy to answer questions, let me know how I can help!