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Effect of the Coronavirus on Real Estate
COVID-19 has impacted so many lives to date and will continue to impact many more lives and industries in the future. Its effects on the real estate market are no different.
Through the start of COVID, those who may have looked into selling their homes stopped doing so, and as a result, there is a higher need for homes right now. In addition, the Federal Reserve started cutting interest-records lower than ever before, meaning thousands of dollars are saved in long-term savings for new home buyers right now.
What does this mean?
Due to the high demand for houses and little houses on the market, the houses being sold are at premium prices. Finding these houses may be more difficult as a result of the low-interest rate, however this is why there is an importance in finding a great real estate agent to help you discover the hidden gems in our market right now.
What has changed in the process?
The biggest change for sellers and buyers alike is the use of the virtual space. Many sellers have started to use virtual tours as a way to continue demonstrating new spaces to different clients. Buyers have equally continued to browse for listing and have especially now paid attention to the photos and videos attached to the listings and taken advantage of virtual calls to meet with their brokers and visit many places from the comfort of their own homes.