According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers are actively reappearing in the market. In the latest report, they reported,
“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. April data showed signs of an upswing, however.”
Why are buyers setting appointments to tour prospective homes when the process of purchasing a home has become more difficult with shelter-in-place or modified stay-at-home orders throughout the country?
Three reasons for this uptick in activity are as follows:
1. Some people simply need to move. Whether because of a change in familial status, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.
2. We have found that utilizing technology allows buyers to virtually:
•Meet with mortgage professionals
All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.
3. Mortgage rates are near all-time lows right now. Rates are a key component when determining monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today's purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.
Honing in on those incredibly low interest rates we have now, you can see that there is a big difference between purchasing a house in December (2019) and purchasing one now (see chart):
Many families have decided not to postpone their plans to purchase a home, even in these difficult times. If you need to make a move, let's connect today so you have a trusted advisor to safely and professionally guide you through the process.
*Thank you to KCM for providing above graphics.
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Buying a Home Right Now: Easy? No, but, It Sure Is the Smart Move
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