Thinking of buying a home in 2020? Read this first

The supply of available entry level homes is approaching historic lows, according to Realtor.com. Annual median real estate prices are expected to continue to climb by 3.6%, according to a group of economists surveyed by the National Association of Realtors.

(WFSB) – As folks continue to stay home to slow the spread of COVID-19, the real estate community says that people can still buy homes.

Even though homes are still up for sale, real estate agents are taking serious precautions.

“We are getting direction from the Connecticut Association of Relators that if you’re not someone who has an immediate housing need, like needing to move in 30 days, they really shouldn’t be out and out,” said Chloe White from the White Door Group.

When a buyer moves forward and is ready to go into a house to look, there are plenty of precautions to take and protocol to follow.

“We prep our clients. We said if there are showings, we are going to make sure they are number one, healthy coming in the door, turn on all the lights, make sure all doors and cabinets are open. Minimal touching is key on this,” said Nicole Higgins of Keller Williams Realty.

If you’re selling a house, the market is hanging on at this point. It’s still too early to tell if pricing is going to be affected in the long run.

“We are in a super competitive market with multiple offers before we got to the pandemic and that’s gone away. But with that being said, now the buyers have a competitive advantage because there is a lack of buyers that they are competing against,” said Vin Biscoglio of Grey Tree Mortgage.

The best thing for buyers or sellers is coming into the market as prepared as possible, get pre-approved for a mortgage, and make sure the house is at a new level of readiness to be scrutinized.

Experts say it won’t be until the end of June or July before there is an understanding of the effect of the COVID-19 pandemic has on the market.

Locations

Recommended for you

(1) comment

amadeovich

It´s important to get safe firstable [cool], this virus it´s not a joke. In Spain the real estate agencies are adapting itself to the age of information and technology; right now you can make a 3D visit to a property in Barcelona [url]https://tranio.com/spain/catalonia/barcelona[/url] just in from of your computer. Of course it´s not the same to get into the place, but it´s a beginning

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.