With the Coronavirus disease (COVID-19) situation ongoing, the world has been shaken to its foundation—disrupting much of what we had previously considered normal. The global economy took a huge blow, simultaneously affecting all industries, thus leading to numerous closures and an overall loss of profit altogether.
Governments around the world are dealing with the situation, and although the threat is still very real, citizens all over are shifting back to a “normal” lifestyle. Now that the “new normal” has kicked the daily lives of everyone back up, it’s time to keep up with one of the biggest growing industries: real estate.
To help you find your dream home today, here are some of the biggest trends to take note of for the real estate industry.
Real Estate Trend #1. Real Estate Market Will Stabilize and Rise
The COVID-19 situation had kicked the rising trend of real estate in the gut and left it on its knees. With people scared of going out of their homes, finding a new place to live in was just about the last thing on their minds. Although there still remained a precious few buyers out there, even sellers stemmed their hard-sell tactics for the meantime.
Now that people are starting to become more aware of how to avoid the disease and are getting back out on the road, the real estate industry is starting to see a slow, yet steady rise in pricing. With the buyers back out, real estate providers are rising back into action to provide the need. Both personal and professional sellers are once again opening their property listings for sale—thus assuring that this year will end with market pricing hiking back to normalcy.
If you’re looking to find your dream house, then now is the time! With a majority of listings re-opening, the market is full of well-priced, yet exceedingly valuable options.
Real Estate Trend #2. Mortgage Rates Will Remain Low
To spice up the deal even further, the aftermath of the COVID-19 situation has lead to a severe drop for mortgage rates. While many blame the current situation for this, the truth is that things were already starting to dip even prior to COVID—going as low as it has ever been in seven years!
While hoping that it would dip to dirt-cheap rates is unfounded, it will definitely stay at the lower end for the rest of the year—dragging on to probably 2021. If you’re looking to take a housing loan, then now is the best time to do so, before the economy racks it up again!
Despite the low rates, however, it doesn’t mean that you should jump towards poor purchasing decisions. The best way to save money and still get your dream house is through prudence and planning—so still gun for that reasonable 15-year fixed-rate mortgage if possible. If you can’t as of the moment, then restructure your finances and check back in before the year ends.
Conclusion
With the trend as it is today, it’s showing to be the perfect time for buyers to find their dream home. With the market normalizing, the window for opportunity is ticking to a close, so search for the best deals out there today?
Are you looking for homes for sale in Davison, MI? Find your dream home today with us at Smith Street—get in touch with us and have one of our agents connect you with the home of your dreams.