Housing Market Slowdown: What Homeowners Need to Know

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Spring is usually the hottest time of year for home sales, but 2020 seems determined to break all the norms. In recent weeks, the rate of home buying has slowed considerably, thanks to the spread of COVID-19 and the resulting Stay-at-Home orders.

As unemployment numbers rise and the stock market drops, uncertainty means housing sales have taken a hit. Home sellers’ confidence has declined, with the number of properties pulled off the market tripling in March alone. In fact, a survey by the National Association of Realtors found that 48 percent of realtors say home buyers’ interest has decreased.

What do these sobering statistics mean for home sellers? Read on to learn how the housing market slowdown may change your plans to sell your home.

Stay-At-Home Orders Affect Home Tours

As of April 3, people across 38 states and the District of Columbia — as well as many counties and cities — have been asked to stay at home. For most home buyers, this makes touring homes in-person challenging, if not impossible.

Of course, orders vary from state to state, and even region to region. Some areas may offer “carve-outs” for real estate activity that allow in-person showings. But other areas may restrict such activity severely.

In such cases, many home sellers are turning to virtual technology to replace in-person tours. Video chat tours allow potential buyers to see your home without leaving their own home. Virtual home walk-throughs offer a solution to in-personal gatherings and contact.

Serious Buyers Only

Even house-hunters in areas without shelter-in-place orders may choose not to leave their homes for non-essential activities. However, some buyers don’t have a choice and must purchase a house now. For them, buying a home is mandatory.

That means the market mostly consists of serious shoppers only. With fewer buyers on the market, finding the right person to purchase your home may be more difficult than ever.

Uncertainty Rules the Market

The market drops, the market rebounds (slightly), the market drops again… and unemployment rises to levels some are calling the worst since the Great Depression. These conditions mean many home sellers are struggling to or putting off plans to sell their current homes, making them less able to buy their next home.

Plus, though mortgage rates are low, they’re changing quickly. These ups and downs also affect banking and lending. All of these factors combine into a perfect storm. In volatile times, widespread economic uncertainty may mean people are hesitant to buy.

The Bottom Line: You Can Still Sell During the Market Slowdown

So what’s a home seller to do? Work with HomeGo and sell your home quickly, no matter the market conditions.

In fact, there’s never been a better time to sell your house to HomeGo. In these uncertain days when so many buyers are staying home, HomeGo is still buying homes with same-day cash offers that close quickly without the hassle and stress of a standard sale.

HomeGo agents are following all Centers for Disease Control guidelines to protect your health and that of our community. Many of our agents are using digital technology that allows for virtual home walkthroughs, minimizing in-person contact.

Selling right now is possible. Contact HomeGo today to learn how you could have cash in hand for your home in as little as 7 days — no showings, no waiting, no worries.

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The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.

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