Buyer vs. Seller Behavior Amid COVID-19 Concerns
At the beginning of 2020, the residents of Texas were preparing for what seemed to be a great start to a new decade. As the last few weeks have unfolded, we’ve all experienced a wide range of uncertainty and anxiety due to COVID-19. This uncertainty has also spread into the world of real estate, and many buyers and sellers are questioning how they can still go forward with their plans.
Obviously, those who planned on buying and those who planned on selling are being hit differently by the changing environment. Today, we’re going to discuss the behaviors among buyers and sellers amid coronavirus concerns according to top agent insights for Q1 2020 and how you can use this information to move forward successfully with your real estate plans.
Buyers are more likely to halt their plans
In the United States, our economy has been struggling to stay strong amid millions of nonessential businesses being forced to shut their doors. Coronavirus brings uncertainty to the housing market and the economy’s trajectory, which can scare some buyers away. About 52% of top agents in the country have reported buyers putting their search on hold due to coronavirus. This large number is likely due to the fact that people might feel nervous about moving forward with a large financial decision as the rest of the country is in a recession.
As a buyer, we don’t recommend that you take this number as a sign that buying now is dangerous unless of course, you’re not in a place financially to move forward. In fact, now is a good time to take advantage of less competition in addition to a drop in mortgage interest rates. Talk to your real estate agent about the benefits of moving forward with purchasing a home during the coronavirus outbreak.
Sellers are forging on
In comparison to the high number of buyers who put a pause on their house-hunting plans, only 22% of buyers have taken their house off the market. Additionally, 50.42% of agents have reported that seller activity has stayed the same. The risks associated with selling your home are generally lower than those that come alongside buying a home, which requires a large financial investment.
For those who are continuing to sell their homes, many people are turning to virtual showings as a replacement for a standard open house. Because these statistics were pulled in mid-March, it’s important to understand that because of the tightened restrictions that most regions are experiencing, the amount of sellers using virtual open houses has increased.
How to stay safe
Right now, one of the biggest questions buyers and sellers are asking is how they can stay safe. As mentioned earlier, virtual showings are on the rise. These remote showings give buyers a preview of the home without them having to enter it and put themselves at risk. Additionally, businesses that help to facilitate real estate transactions, like title companies and notaries, are now legally able to provide services either online or by mail.
Crowned Eagle Realty understands the anxiety that most of you are experiencing right now. It is our priority to make our clients and partners feel as comfortable during these uncertain times as possible. Don’t hesitate to give us a call today if you need assistance.