Buyers and sellers are ready to resume their real estate plans.
Is 2020 still a good year to buy or sell a home? If you’re asking yourself this question, you’re not alone.
The NAR recently conducted a survey about whether or not buyers and sellers still plan on following through with their real estate plans this year. Regarding this survey, NAR Chief Economist Lawrence Yun was quoted as saying:
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy. Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
If you’re looking at this as a buyer, it means sellers are still thinking that now’s a good time to make their move. Roughly 75% of those who were polled stated that they still planned on listing their home once the stay-at-home orders were lifted, and 77% of these potential sellers said they used this extra time indoors to prepare their home for the market.
Here in Boston, the jury is still out on whether buyers’ mindsets have changed, but in the New York City area, they’re still very motivated to move to suburban areas of New York, New Jersey, and Connecticut. It will be interesting to see whether this trend takes hold in our marketplace, but I’ll hold off on making any predictions about it.
The bottom line is, the housing market is still strong. We experienced a quick blip when everything shut down, but with so much pent-up demand (and pent-up desire to get outside the house), buyers are ready to buy and sellers are ready to sell.
If you have questions about our market or would like to discuss your real estate future in detail, feel free to call or email me. I’m here to help.