Starting in March 2020, economic volatility and shelter-in-place orders caused home sales to plummet. However, lower rates coupled with historically low inventory continue to prop up home prices. Although unconventional, virtual realty has maintained home buyer’s interest and motivation to some level.
In our immediate area, we see that some cities have much lower inventory than they did 3 weeks ago, with a slight increase in inventory in other cities. Correctly priced homes are selling in about 20 days, which is comparable to rates before shelter-in-place orders were enforced. Home prices have predominantly remained steady, with slight increases especially in the lower tier price range.
As a real estate team, we take extra precaution to protect home buyers and sellers throughout the pandemic. We have invested heavily in virtual reality equipment and services, as well as in personal protection gear to ensure that you have the fullest and safest experience possible. You and your family’s health and well-being as you make your way through this difficult time is our main priority, and we’re here to help you keep moving forward.