by sam 
In the midst of the uncertainty that is COVID-19 and 2020, significant changes have been made to how we view, buy and sell real estate. The typical Realtor protocols have been revamped in order to keep our agents, consumers and appraisers safe while getting the job done.
While remaining active in the social distancing requirements, Agents have taken the whole buying and selling process to the next step. This has been made possible with virtual tours, limited group showings and behind the scenes cleaning and sanitizing as your health and safety is the number one priority.
The Market
As we get further into 2020 studies are revealing an increase in home prices. According to realtor.com’s chief economist, Danielle Hale, “May’s home price data demonstrate the underlying strength of the U.S. housing market despite the challenges brought by the Covid-19 pandemic.” She also pointed out that the shortage of inventory “push[ed] home prices higher even while homes sell more slowly.”
Due to the ongoing shortage of houses hitting the market, it is expected that the normal “Spring Market” will really hit this summer
Buyers
Is now the time to buy? Lower inventory means a rise in listing prices, which would naturally indicate a seller’s market. Times like these, however, are unprecedented. Mortgage rates are at an all time low, but that doesn’t mean a win-win. With an uncertain job market, lenders are cracking down on approval criteria. While the lender’s attempt to prepare for the unexpected, it’s recommended that buyers shop around for not only the best rates but also the best terms.
Sellers
With home prices rising, it may be appealing to list your house now even admits the uncertainty of Covid-19. An important thing to keep in mind is your time frame. Will you also be purchasing a home contingent on you selling your current property? With a pandemic such as this comes a slower market. Houses will remain on the market longer making it difficult to complete a home sale or suitable housing contingency.
Recovery
Don’t get discouraged! Even with the pandemic still amongst us, Boston has been able to rise to the top ten most-recovered markets according to realtor.com. Keep the positive energy going and stay safe!
