In spite of the Shelter In Place order this is a great market to find and buy a home. While some sellers have decided to wait and see, others wisely have kept their home for sale. Why do I say this is a wise move? As with the holidays, the current Covid-19 lockdown has reduced the number of buyers and, to a lesser extent, the number of sellers.
What This Means For You
Before March 19th, it was perfectly normal to find you were competing with many other buyers. Nice homes could sell for 10% and more above asking. Now most of the buyers still looking are serious buyers. They understand that making an unrealistic offer will only result in a failed purchase contract unless they have lots of cash on hand. Currently, it is possible to find your offer being seriously considered because it is one of 3 or 4 rather than one of two dozen.
You may be wondering if this situation will last. The short answer is probably not. As the graphic shows, the effects of the March 19th decision to have everyone stay at home will be most keenly felt in April’s sales numbers. Once the lockdown is lifted (my guess is mid-May), we are going to see buyers returning to the market. At first it will be a few more and then (June) we will likely see everyone else realize that it is a great market to buy a home.
My suggestion is don’t put it off. Get your loan pre-approved/reconfirmed by your lender. Then shop for a home as actively as possible. Once the rest or the buyers flood back into the market, it’s going to be a lot harder to get the home you really want. If you are having trouble with getting the loan or finding a home, I can help you with each step. Do not miss out on this great market.