This spring, real estate has all but ground to a halt because of the coronavirus. But as the summer approaches and restrictions are relaxed, it looks like things are starting to heat up again.
Signs point to a good summer.
According to a CNBC report, buyers are getting back into the market faster than expected.
In the article, economist Joel Kan had this to say: “The home purchase market continued its path to recovery as various states reopen, leading to more buyers resuming their home search… Additionally, the purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March”
Mortgage rates were already at record lows and it doesn’t look like that will change much. Matthew Graham, COO at Mortgage Daily News notes that “Rate movement is pretty minimal by normal standards as the bond market (which underlies interest rate momentum) has been relatively calm and sideways after coming to terms with the initial shock of the coronavirus market impact.”
These developments can lead to more people gearing up to purchase property in the coming months.
Serious buyers are about to make their move.
Texas realtor Taylor Walcik talked to NBC DFW about how recent market conditions such as April’s 5% increase in median home prices have affected potential buyers. “It’s taken the looky-loos and the tire kickers out of the market,” he said. “We have a pool of very serious buyers looking at homes and we have a pool of very serious sellers. That’s what makes a deal happen.”
Having to shelter in place for weeks may have also motivated people to consider moving to a new place. According to Walcik, “If you thought your home was too small, or you hated your kitchen, all of your kids learning from home, you working from home, you’re really going to notice these things that drove you crazy.”
Opportunities are available if you know where to look.
As seen in this WFAA article, there are varying opinions on what summer and beyond might bring.
While the real estate professionals featured in the article had different expectations, Robbie Briggs, president and CEO of Briggs Freeman Sotheby’s International Realty has a more grounded take.
“This market will bring out people who are looking for an opportunity,” he said. “They’ll be the opportunity buyers because of the combination of low-interest rates and the potential of finding situations where the sellers need to sell. In a market like Dallas that has a strong market, really good houses, really unique houses maintain their values.”
Now that it’s finally time to get moving again, let Knob & Key point you in the right direction. Reach out to our team of local real estate professionals to find the best deal for your dream home.