Had you been thinking about buying or selling a home? Maybe starting or adding to an investment portfolio? And then, Coronavirus happened. You, like many other people, are probably wondering what’s going on with the real estate market and is now the “right” time?The short answer is - No one really knows. This is a completely unprecedented event, so no one really knows how this will pan out and effect the market long term. What does that mean for you? It means that your best bet will likely be to make the choice that is right for YOU based on what we know right NOW. And THAT, we can help you with!Historically, the real estate market “shifts” (moves from a buyer’s market to a seller’s market or vice-versa) about every 7-8 years. Before the United States began to feel the effects of the pandemic, we were about 10 years from the last shift and have been experiencing a pretty strong seller’s market in most places around the United States for the last several years, thanks to a combination of factors. Mortgage rates have remained incredibly low which has driven affordability and allowed a large pool of buyers to remain in the market. Simultaneously, inventory has been incredibly low, largely a result of the market continuing to recover from all of the homes that didn’t get built during the last shift (the Great Recession) AND the fact that people are remaining in their homes longer. Consequently, this has meant that there have been more buyers competing to buy the same houses and therefore, homes prices have been going up and the number of days it has taken to sell a home has been low.We’ve been paying attention for the last month or so, trying to discern what will happen with the market so that we can best advise our clients. What we have found is that while the United States economy seems poised to slide into at least a mild recession, the real estate market has reacted much differently than it did during the Great Recession. Back in 2008, the market very suddenly came to a stand-still - While we prepared for this scenario, we have found that NOT to be the case this time around! The truth is, SERIOUS buyers are still in the market and buying homes. And those who really WANT or NEED to move are still selling their homes! There is no denying that the market has dipped a bit when compared to the same time last year (by about 23%) AND it’s still a great time to buy or sell IF the timing is right for you and your family.Right now, the market is comparable to a winter market - Buyers are serious buyers, meaning you will find fewer “lookie-loos” coming through your property if you choose to sell. The people who are continuing to look at homes are the ones who really intend to purchase. Sellers are serious sellers, meaning they have a true motivation for relocating and are less likely to be “testing the market” or holding out for a market-stretching price. Benefiting both parties is the fact that mortgage rates continue to be very good, so monthly mortgage payments will be lower for buyers and they can afford to buy homes are prices that make sellers happy!What does this mean for you?That really depends on you and your circumstances - While we are always happy to help, we never want to push someone in one direction or another. Our goal is always to ensure that our customers and clients have good, current information so that they can make informed decisions because, at the end of the day, the RIGHT decision is the one that works for YOU.We can’t tell you what will happen next year, next month, next week or even tomorrow at this point. As mentioned previously, the current situation is something none of us have experienced in our lifetimes, so there is no way to know what the ultimate effect will be. However, with that in mind, if you would like to chat about what we know RIGHT NOW and how it might apply to YOU, let us know. Consultations are always FREE and do not obligate you to work with us in any way.Reach us by phone (603.610.8560) or by E-Mail (info@zrghomes.com).Until then, stay healthy, stay safe and stay home!
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