Spring is here and you were planning on buying your dream home – then the unimaginable happened and a global pandemic crisis hit. Across the country, people are told to follow public health orders to stay at home or to practice social distancing. For buyers in the Triangle area, that means you might not have the opportunity to walk through a home with your agent or your agent might not be able to show homes in person.
What does this mean for you as a buyer during these trying times? Well, we have some ways in which you can navigate through COVID-19 in a safe and healthy manner to make your new home dreams a reality.
Across the board, Spring 2020 was looking like it would be a huge success for the real estate market. In the first weeks of March, according to the Triangle Area Residential Realty Report (TARR), listings in the area were up by 12% compared to 2019 – a bright outlook with all signs pointing to a prosperous spring market.
Then the unthinkable happened – the COVID-19 outbreak. Agents across the country began to ease up on their forecasts for the real estate market for 2020 signaling the coronavirus’ effects on the spring housing market.
Barring any unforeseen hiccups, the local real estate market from Raleigh to Durham to Chapel Hill is still active. Even with a drop off in physical sales, interest is still high and virtual viewings are on the rise, while low-interest rates and other applications provide many ways in which you can buy a home during coronavirus.
More and more agents are using technology to list homes and in times like these. At Hillman Real Estate Group at eXp Realty, we are already experts in this technology.
Virtual open houses appear on a myriad of platforms that allow buyers to reach more properties in the safety and comfort of their homes. According to a recent NBC report, brokerage firm Redfin found that at the beginning of March 2020, 30% of all open house requests were for live video tours, up from 0.2% at the beginning of the month.
Traditionally used by REALTORS® to market their listings, in today’s COVID-19 environment, they are a great tool to help you find and purchase your dream home safely. The video or live viewing provides an immersive experience that allows you to build a connection going beyond still photos placing you, the buyer, in the home.
With interest rates at an all-time low, how does this affect the home buyer? According to The Ascent, mortgage rates are low but unsteady and may remain that way for a while. Freddie Mac states that at the beginning of April 2020 the average 30-year FRM was at 3.33% while a 15-year FRM sits at 2.82% – that’s pretty good news for buyers.
Coming Soon Marketing Program
New programs such as buying homes sight-unseen seemed a little risky before 2020 according to Homelight. But with people wanting to take advantage of the spring market amid stay at home orders, it may be worth exploring.
Many years ago, Hillman Real Estate Group launched our exclusive Coming Soon Marketing Plan that continues to prove successful thanks to our formula: great homes, spectacular locations, and a team of dedicated real estate professionals that you can trust.
As you can see, there are many positives for a buyer amid the coronavirus situation. As you work from home, we continue to do so, too. With our expertise in serving clients remotely, we stand at the ready to help you find your next home in the Triangle area. As leaders in the digital home buying and selling experience, we are here for you, our clients.