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The Housing Market and Coronavirus’s Effects

The Housing Market and Coronavirus’s Effects

Are you looking for a new home? Consider your future strategy in light of the current events.

There are plenty of people about in Maryland who are looking for their next place to call home. Despite the recent pandemic, life still goes on as it should, with progress for the family and other life transitions keeping buyers interested in the search. However, the novel coronavirus is taking its toll on the housing market; a potential buyer should be aware of the various trends surrounding this event.

Open Houses Closed

As awareness of the contagion spreads (pun not intended,) sellers are reacting to the change of scene. A small percentage of sellers, around 3%, have taken their homes entirely off the market for this time amid an already low supply of homes for sale. Many sellers are canceling their open houses, desiring to limit their home’s exposure to outside influences. Meanwhile, remaining open houses have plenty of hand sanitizer, and some sellers request that guests and real estate salespeople wear masks while in the home.

Shopping Online

In light of the closed open houses, some buyers are taking their search online. Shopping the housing market online has already been a growing trend and appears to work well for connecting buyers to their dream homes. One can take a virtual tour for a thorough look at the property. It is best to work with an agent, still, since he or she can give you greater insight about the market and the area and help you understand your ideal target better.

Risen Mortgage Rates

At the beginning of the coronavirus outbreak, mortgage rates dropped to a historic low, since people were drawing back on their business. However, the 30-year-fixed-mortgage-rate has risen again as many homeowners are looking to refinance their homes and lenders are overloaded with the amount of applications. Since they were downsizing their workforce in 2018-2019, they now are faced with an unprecedented challenge.

Continued Buyer Interest

Despite the higher mortgage rates, the closure of open houses, and a general concern with going into the public, buyers continue to dream and search for their ideal next home. So far, house hunters in Maryland, D.C., and Virginia have not stalled in their quest, and the housing market continues to move. 

Trust the Professionals at Clagett Enterprises for Your Realty Needs

If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.

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