a Tips For Buying a Home During a Pandemic by Peter Palivos | Mar 1, 2021 | Peter Palivos Attorney, Real Estate
The recent health pandemic has changed a lot of things. Despite all this, life goes on, and we still have to make big life decisions. Some of us might be looking to purchase a house. This can be challenging because several factors have led to our current seller’s market. At rst, sellers responded to COVID by removing their properties to reduce the days on market stigma. Only 6% of homes being sold held open houses during the rst week of July. This is down from 16% from the year prior. Things changed when the Federal Reserve dropped interest rates drastically to help the economy. Buyers could spend more on houses than before, and there was a massive push to move away from urban areas. Demand increased, but supply did not. Auction prices and total sales began breaking records. Be Aggressive You can’t hesitate when buying real estate in the current climate. It’s important to move quickly and be ready to bid on a house, sometimes without even seeing the property in person.