After seeing the negative impacts of the Coronavirus (COVID-19) on the stock market and the slashing of interest rates by the Federal Reserve, many homebuyers are concerned about the current state of the housing market. As Spring quickly approaches, many homebuyers are concerned about how they are going to find their dream home during the COVID-19 outbreak.
Homebuyers are hesitant to attend open houses, and many sellers are unwilling to host them. As a result, real estate professionals are becoming reliant on digital technologies and different forms of content. Fortunately, we live in a time where we have mobile apps at our disposal. With many states now enforcing varying degrees of quarantine, realtors are needing to change the way they market listings and interact with clients. If a homebuyer is unable to view a home in person, a virtual walkthrough is a viable alternative at this time. These walkthroughs allow buyers to eliminate prospective properties from their search. While agents are limited during the COVID outbreak, virtual walkthroughs are a practical way for these individuals to show homes to potential buyers in real time.
Video Chat Apps
Video chat technology already had a strong presence in the real estate industry even before COVID-19. While nothing can compare to viewing a home listing in person, video chat is the next best option. The most popular video chat options amongst real estate professionals include FaceTime and Skype. Some of the benefits of video chat include:
-Encourages social distancing
-Eliminates the need for buyers/sellers to travel
-Minimizes the risk of exposure and further spread of the virus
-Allows buyers to view properties without risk for exposure
On March 15th, 2020, the U.S Federal Reserve (FED) announced that it would drop interest rates to zero for the first time since the 2008 financial crisis. Once lowered during the financial crisis, rates remained at this level until December 2015. As a secondary effort to maintain economic stability during this period of uncertainty, the FED also recently announced its plans to buy $700 billion in Treasury and mortgage-backed securities to boost the economy from the coronavirus (COVID-19) outbreak. The primary goal of these actions is to lower borrowing costs to a minimum over time.
Since the beginning of 2020, mortgage rates have fallen to the lowest average in 50 years. With so much uncertainty surrounding the spread of COVID-19, no one knows how these events will impact the housing market over the next several months. In the past three months, a backlog of mortgage applications continues to grow along with the growing number of homeowners looking to refinance their homes.
According to the Mortgage Bankers Association, mortgage loan applications have not reached this quantity in over a decade. Because of the lower rates, many Americans are concerned that they will miss out if they do not buy or refinance their homes at this time. While some sellers are taking their homes off the market and cancelling open houses, low mortgage rates are continuing to drive homebuyers to the market.
The uncertainty of the housing market may continue to mirror this economic uncertainty over the next few months in the midst of the COVID-19 outbreak. As people around the world settle into a new reality of indefinite quarantine, real estate agents are continuing to close deals on virtual mediums as we approach peak buying season. The success of this upcoming transition to digital interactions and communications with buyers will be a key factor in the success of the market for upcoming months.
Spring is often recognized as the best time of year to sell your home. With the winter quickly drawing to a close, many homebuyers and sellers across the country are questioning their real estate plans this spring due to COVID-19, commonly referred to as coronavirus.
To mitigate the risk of spreading infection, a wide variety of preventative measures are now being taken across the United States. This includes the cancellation of classes, concerts, and sporting events, as well as rearranging vacation plans. As media attention on the virus continues to circulate, many people are buying an excess of cleaning products, hand sanitizers, and face masks to protect themselves. With growing uncertainty surrounding this global pandemic, people are quickly preparing for the worst.
As we continue to learn about this new virus, it is understandable that many homebuyers are concerned about the current state of the housing market. After seeing the negative impacts of the virus on the stock market, many people are wondering if the housing market will take a massive hit as well.
In addition to the uncertainty surrounding the spread of the virus, no one knows with certainty how these events will impact the housing market over the next several months. With multiple factors at play, including the onset of flu season, it can be difficult to predict how long this virus will present a threat to public health, both within the U.S and around the world.
Home interest rates are now historically low. As a result, it would require a major drop in demand to shift the outlook of the housing market as we move closer to the buying season. While coronavirus may stand to alter the housing market over upcoming months, employment and wage increases continue to support a strong position for the U.S housing market in 2020.
Zillow.com has reported that Atlanta, Georgia is currently a buyer’s market. Over the past few years, there has been steady growth, which makes it a favorable area for investors. According to Zillow, home values have increased by 4.8% within the past year. Here are some other notable statistics obtained from Zillow regarding the current state of Atlanta’s real estate market.
After finding that there are only 70 foreclosure homes in these two Fulton County North cities, we have concluded that these properties do not remain on the market for very long.
There are significantly more foreclosure listings in Fulton County South compared to Fulton County North.
There are not very many foreclosure listings in either North or South Atlanta counties.
-Home values have increased in every city on the above lists.
-There are significantly more home listings in Fulton (North Atlanta) compared to Fulton (South Atlanta)
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According to the City of Houston 2020 Facts and Figures, Houston is the fourth most populous city in the nation. In July 2018, the estimated population was 2,325,502. This large metropolis is known for the Space Center, the Grand Opera, and it’s Historic District, which features stunning architecture and plenty of restaurants. To help you get started with your research on Houston, Texas, we gathered significant market data about this metropolitan area.
As the leading online real estate database, Zillow found that Houston home values have increased by 3.6% over the last year. Also, Zillow predicts that home values will continue to rise by 2.4% by the end of 2020.
Houston, Texas Profile as of 2019:
According to Realtor.com, there are 14,866 homes for sale. It was concluded in December 2019 that the housing marketing in Houston is currently a seller's market.
With so many reasons to consider Houston as your future hometown, Houston is a great place to start your home search in 2020.
Do you plan on buying a house this year? There are many important points to consider when searching for real estate. However, price is the biggest determining factor for most homebuyers. The best way to ensure that you do not overspend on your home purchase is to set a budget. The issue for many buyers is that this is easier said than done. Several aspects need to be taken into consideration when creating a house budget today. Continue reading and discover a few tips that will help you formulate an accurate budget.
Many buyers will not give themselves enough of a cushion in their savings to cover them on a rainy day. Things will inevitably arise, and you do not want to put yourself in a position where you are strapped for cash because you purchased a home you couldn’t afford. By giving yourself a buffer, you have peace of mind that you are covered if you were ever faced with an issue down the line.
One of the best steps a buyer can take is to get prequalified for a mortgage. Doing so will allow a buyer to understand what kind of loan they can qualify for based on their financial situation. This will help to eliminate homes that are out of your price range.
It is almost impossible to predict all the expenses you will face in a given month. This is because costs will arise unexpectedly; however, you can account for your reoccurring monthly costs like maintenance, utilities, and insurance.
