As some states and cities start the re-opening phases of their economies, people are now more interested in buying homes. With the technology in their hands, they can view all the homes on the market through a virtual tour and get a feel for the property. And this pandemic has changed many tastes for buyers. Maybe they want more outdoor space, more bedrooms. All this being said, we may be entering the “late” spring home buying season that was supposed to hit in April of 2020.
The market is primed for buyers. Mortgage rates are at historical lows. Most lenders have rates in the mid- to low-3s. And we are seeing price drops on most homes that are going on the market.
According to Weiss Analytics, one out of four home sellers who listed their homes for sale since the outbreak of the pandemic has prices them at discounts. Homes prices higher than $600,000 are more likely to be discounted than the less expensive homes. Homes that are prices at $200,000 or less have fewer discounted listings.
New York has the highest percentage of new listings discounted since February, with 34%. Baltimore is at 31% and Los Angeles is at 30%.
Also, Google searches for “homes for sale” have increased 54%. However, Zillow says that the number of new listings of higher-end homes are down 46% while listings on least expensive homes are down only 32%.
This is all good news for buyers who have been waiting this pandemic out. There is opportunity for you to get a good price on a home in your area and negotiate your terms.
If you have any questions about the mortgage rate market, we are always here to discuss the current pricing.
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