The COVID-19 pandemic has made 2020 a challenging year in regards to real estate. Agents, buyers, and sellers have all had to be flexible this year to various social distancing guidelines. In a year that has brought much uncertainty, we can still anticipate some remaining trends as we continue through the pandemic and look forward to the upcoming season.
Continued reliance on virtual home tours
The health and safety of buyers and sellers remains the top priority during the COVID-19 pandemic. The real estate industry as a whole has successfully adapted to various social distancing measures this year. Many real estate agents and buyers have opted for virtual home tours as an alternative to in-person showings. Additionally, many buyers now prefer touring homes virtually out of convenience. Buyers are able to rule out listings from their home search without needing to set foot inside. In what has been an extremely competitive market, buyers have been able to rely on virtual tours to aid them in their home search. Virtual tours may even be here to stay after the pandemic subsides.
Low mortgage interest rates
Many people are still unaware that mortgage interest rates have remained at historic lows for the last several months. One of the greatest benefits of searching for your next home this winter is that the rates should remain fairly low for at least the next few months. According to Freddie Mac, as of November 25, 2020, the US weekly average on a 30-year fixed rate mortgage is 2.72% and a 15-year fixed rate mortgage is at 2.28%. This makes this winter an especially ideal time to buy.
Changing buyer wish lists
Because many buyers can afford more due to lower interest rates, they have been able to alter their wish lists more this year. Not only can many people afford larger homes, but they are also looking for more rooms to accommodate their work-from-home needs.
