With summer quickly approaching, now is the time to make predictions about the housing market in the upcoming months. As the COVID-19 pandemic continues in the U.S, buyers, sellers, and agents are pressured to modify traditional real estate practices to meet the unprecedented needs of these challenging times. Interest rates are at a continuous low, bringing many buyers into the market, and this trend is predicted to continue into the summer. Read on and discover a few housing market trends to anticipate into the summer.
Individual home visits
Traditional open houses may not be a part of the summer housing market as a result of precautionary measures surrounding the pandemic. With these social distancing measures in place, individual visits will continue to be the norm this summer due to current COVID-19 guidelines. Prospective buyers who want to see a listing in person will be required to schedule a time to limit the number of people in a home at once.
Bidding wars
While it is difficult to predict, there is reason to believe that because there may be inventory reductions in many markets across the country, there will also likely be a spike in bidding wars. Sellers this summer should keep this in mind as they are pricing their homes.
Digital reliance
The ongoing pandemic continues to increase the need for digital applications for real estate professionals. Not only are agents using virtual as a way to show homes, but electronic document signing has also increased in popularity in previous weeks. Regardless of what unfolds with COVID-19 in the upcoming months, we should expect the industry to continue to adapt to digitized processes. In many ways, digital usage promotes efficiency and is a cost-effective way of conducting business.
