Are you concerned about the impact COVID-19 is having on the real estate market? You aren’t alone. One gnawing question consumers continue to ask is, “What will COVID do to our property prices?”
Buying and Selling During COVID
To answer that very question, the National Association of Realtors polled its members across the country. The results of the survey are encouraging. The Market Recovery Survey shows that markets across the country are recovering. A whopping 45% of respondents said that their market is slowly entering recovery.
That’s encouraging news! If you are selling a home, it means that buyers are returning. In fact, 9% of respondents to the NAR survey said that all of their buyers have returned and 18% said that their buyers never left.
In many areas, the market is strong. Very strong. Many survey respondents — 33% to be exact — said their market is hotter than normal.
All Real Estate is Local
So, what about your property? All real estate is local, so a lot will depend on where you live and your individual market place. In Hawaii, we are still dealing with the travel ban, mandatory quarantines, and pretty tight restrictions. Still, the overall survey is encouraging, and we are mimicking many of the results. Great interest rates, low inventory, and pent up demand are helping to sustain prices, drive the market, and fuel our economy. Now, that is good news!