Are People Still Buying Homes?
Updated: Aug 15, 2020
Are People Still Buying Homes?
The light is starting to shine again and shelter in place is gradually being lifted. We are all in a different position to where we were before the pandemic stopped the world in its tracks. Sadly, many home buyers who were ready to purchase their first or dream home earlier this year, are simply finding themselves having to re-assess their plans and goals for 2020 and delay their plans of home ownership.
However, for many essential workers in the Bay Area, it hasn't been this good a time to buy for a long time!
There are two very big reasons for this...firstly, many people have sadly lost their jobs, unemployment in the US has hit an all time high. Less buyers are able to purchase homes so those who still have the means to do so, are experiencing a less competitive buying environment. This doesn't mean there is no competition and that seller's are desperate, that's just not the case. What it does mean, is that you may have a greater opportunity to purchase a home closer to the listing price, than well above it as we were seeing earlier this year.
Secondly, interest rates are still low and are expected to change directions moving forwards. The government has implied they will need to borrow money to cover the funds needed for the stimulus package. Borrowing money, implies selling more bonds. When bonds prices go down, mortgage rates go up.
How can I see homes?
To view homes right now, there are very strict guidelines to follow. Your realtor needs to ensure you have read, signed and submitted a PEAD form to the listing agent, which notifies both home buyers and sellers of the risks involved in entering a home while the pandemic is still so prevalent.
Only two people and their agent can enter a home at the same time, so open homes are cancelled until further notice (except by virtual means). Viewings need to be made by appointment and are staggered out accordingly. General precautions also need to be taken, including wearing masks, gloves and booties.
For private showings and consultations, please connect to arrange an appointment.
Kate Barnes
Realtor®
METIS Real Estate 415.521.6813 | kate@metisre.com | katebarnesrealtor.com
Youtube: Kate Barnes Realtor | Dre 02092777