Homes have never been this important

Last month was the National Homeownership Month, and like so many things this year, it was so much different from other previous years. With the COVID-19 concerns, both the sellers and buyers alike have expressed their fears about entering the home buying spring season.

Yvonne Mcfadden

Additionally, the real estate agents, while responding to a survey by the National Association of Realtors, said that at the least, 40% of the buyer and 45% of sellers said that they would delay any real estate transactions due to COVID-19. Undoubtedly, the COVID-19 is reshaping the real estate realm in ways we cannot muse, and this year’s spring season has been impacted severely. Nationally, it is reported that the home buying application was down by more than 30% in the first week of April this year compared to last year. For instance, in North Carolina, strong markets such as Raleigh, Charlotte, and Greensboro also recorded decreased sales in April but not anywhere close to the national levels.

Our homes have never been more topical, and COVID-19 has made that clear. Right now, governments are emphasizing the need to shelter in place, and while we knew that homes were our cornerstone and the foundations of our life, in recent times, their importance has been magnified. Yet far too many people

have laid bare on the streets and highlighted flaws in these foundations. while it is true that we may not all have a place to call home, or a sanctuary that would shelter us from the extreme conditions we have to face each and every day, a shelter in these unprecedented times is extremely important.

While the housing market cannot start to normalize operation as before the crisis as long as the threat of the virus remains, low mortgage and interest rates coupled with the power of technology such as Zoom and 3D tours are showing signs of a thawing market and with it comes more buyers to the market. While this is good news to the housing market in general, it could create bidding wars making it particularly harder for the people looking to purchase their first homes. while this pandemic creates somewhat a perfect opportunity for the firsttime homebuyers to enter the market as they feel more confident in their ability to buy, they may believe that a high-priced market with a low inventory count has put homebuying out of their reach. All these challenges highlight that homes have never been this important before. There are the perfect buying conditions for anyone who wants to enter the market, but at the same time, the virus has created uncertainty for both sellers and buyers, which is holding them back. But, what if you can transact safely without having to worry about COVID-19? Well, talk to Yvonne McFadden through this link https:// thepowerisnow.com/yvonne-mcfadden/.

Sources

https://blog.shelter.org.uk/2020/04/living-inlockdown-why-home-is-more-important-thanever/ https://www.nchfa.com/news/home-has-neverbeen-more-important