The unpredictable onset of the coronavirus pandemic has rattled us all. From threatening lives to businesses, the global outbreak of this disease has changed the way we live.
The global economy also suffers as more and more businesses cut down on expenses and struggle to stay afloat. In light of this economic uncertainty, it’s difficult to ascertain the conditions of the real estate market.
Buying and selling decisions have been put on hold, and many in the real estate industry are unsure about how to proceed during these uncertain times.
According to reports so far, the current housing market recovery is described as a ‘V’ shape because it suffered a sharp decline and started to recover rapidly. But with the second wave of the coronavirus on its way, we’re back to square one.
However, all isn’t lost just yet. Here are some real estate market indicators that are used by certified residential appraisers.
Supply Of New Listings
The supply and demand for houses and property are at the heart of the real estate market. With the onset of the pandemic, new sellers quickly retreated, which shifted the supply of the listings and prolonged the national shortage of for-sale residences. Now, the rate of this decline is starting to improve with new listings increasing every week.
Demand For Homes
While supply continues to scrape the bottom, home buying demand, as estimated by the number of requests agents received, stood higher than it was in the early days of 2020 before the pandemic. The quick bounce back is due to the record-low mortgage rates and the increase in virtual home shopping solutions.
Time On The Market
Home shoppers are now commencing research, but that doesn’t mean that they’re buying. According to the National Association of Realtors, 40 percent of 3000 agents responded that their clients are delaying the purchase for “a couple of months.” This has doubled the time that properties spend on the market.
If you’re looking for more information on the real estate market to make better buying and selling decisions in the COVID era, Torlai Appraisal Services can help.
We have experienced certified residential appraiser Scramento that offer professional house appraisal services in Stockton, CA, and surrounding areas. With a vast experience in the industry, the company has helped countless clients with FHA, IRS, conventional, bankruptcy, estate, and REO appraisals.
Get in touch with them to find out more about their services today!