The coronavirus outbreak has triggered a stock market crash, financial crisis, layoffs, and probably worsen the already serious housing shortage. Hard hit cities have implemented preventive measures like the stay at home order and social distancing. Amid the crisis, realtors are seeing a decline in the number of custom homes in the market because of the coronavirus, as per the recent National Association of Realtors.
Expert realtors revealed that if home sellers take out their homes from the market, it would continue to plague the low inventory conditions that the country is facing right now. A lot of homeowners are following the social distancing guideline and are taking the for sale signs off their front yard due to fears of an economic downturn. They are also scared of entertaining potentially infected home buyers who are interested in checking out their custom homes Myrtle Beach. However, with the country already going through insufficient inventory, this will most likely worsen the problem once the demand soars past the available supply.
About % of realtors have seen sellers take out their houses off the market because of the coronavirus pandemic compared to the 3% one week earlier, a new survey found.
There are still sellers who have not pulled out their listings but they are being extra careful. About% of realtors have reported that open houses have stopped. Around 27% have seen home buyers use hand sanitizer when going into a property, while 6% noticed home buyers being asked to wear gloves.
Sellers are making sure that there are safe. The fear of the coronavirus and what may be a looming recession is not just confined to home sellers. Almost half of realtors, about 48% say that buyer interest has declined due to coronavirus fears. That is a significant increase from the 16% that was reported during the previous week.
In places with increased confirmed cases of COVID-19, about 53% of home realtors said interest had declined, according to the survey. That is probably because several potential home buyers are concerned about the security of their jobs. A few people do not want to make what may probably be the biggest purchase of their lives and could be tied to about 30 years of paying loans when they do not have any steady income that is coming in.
Round 28% of realtors have reported that home buyers have lost confidence in the housing market following the stock market crash. However, extremely low mortgage rates, which cut back monthly mortgage payments , are assist in offsetting the financial fears. There’s another 28% of realtors said that low mortgage rates have excited buyers more compared to all of the other bad economic news that were reported.
Buyer activity slowed down while home buyers are doing what they can to remain healthy. Realtors are still optimistic that home buyers will return to the market when the crisis is over.
Call Dawol Homes if you want to have your dream custom home built once the coronavirus pandemic is over.
3100 Dick Pond Rd # E
Myrtle Beach, SC 29588