The arrival of spring usually signals the start of the home buying season. However, this year, it was the arrival of COVID-19 that disrupted the housing market and the entire economy. Stay-at-home orders ground industries to a halt that impacted the real estate industry in many ways.
Historically low inventory and rock-bottom mortgage rates would normally set the stage for a highly competitive homebuying season. While recessions normally have only a minor effect on the housing market, the coronavirus is making life and markets anything but normal. However, studies showed that while home sales dropped dramatically during the first instance of the outbreak, home prices stayed about the safe or suffered a slight decrease.
While there were fewer homes being listed, the online visitors to real estate websites only slightly dipped. While in-person showings were banned, video calls made it possible for interested parties to view a property remotely. Much of the real estate industry flocked to digital solutions to keep the market moving.
The housing market continues to remain the same: supply is low while demand is near an all-time high. This combination means home prices are also near all-time highs in most cities as many potential buyers are budding on a limited supply of homes for sale.
If you already own a home, you might consider refinancing while rates are this low. Enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!