In the age of social distancing, an industry that relies heavily on in person meetings is likely to be affected greatly. For example, the real estate market – buyers need to see the “product” in person, inspections, signings, so many aspects are handled face to face and being unable or unwilling to be face to face is likely to cause an issue.
But there is good news – Phoenix is one of the only real estate markets that hasn’t crashed among the pandemic, according to the Phoenix Business Journal. While the home sale volume did take a hit in April, the existing home market already rebounded by the beginning of May. That’s huge news!
So what does that mean for buyers and sellers? It means now might be a great time to list your home due to low inventory (meaning not a lot of homes for sale) and buyers still buying. And if you are hoping to purchase, low interest rates means it’s a great time to borrow.
While we don’t have a crystal ball, as agents with over 30 combined years of experience, we’ve weathered storms like this before and we’ve learned a few things along the way. If you have questions about your home, the real estate market, or a property you’re interested in, we’d be happy to answer your questions.
If you’re curious about what’s for sale or what homes have sold for near you, or another area, download The Bruske Team app. Search while keeping your information private and get instant links to MLS information!