COVID-19 has changed more than how we look at our health or spread disease – it has changed the entire economy, including the real estate industry. With fewer options, more competition from other buyers, and higher median listing prices, it’s not a buyer’s market today. Can you buy a home during today’s times?  

Fortunately, you can, you just need a little creativity, flexibility, and a valuable support system by your side. 

Watch Real Estate Inventory 

The most disheartening news is the lack of inventory out there today. Home inventories are down 30 percent compared to this time last year. Add to that the fact that there are more homebuyers today than this time last year and it’s easy to see why finding a home may be difficult for many. When you work with us, we help you get in front of more homes faster. As soon as homes hit the MLS, you’ll know about the latest listings. 

Happy Couple Buying New Home With Realtor Wearing Face Masks 

Act Quickly, Time on Market is Down 

Another indicator that we’re dealing with ‘different’ times is the time on the market. Homes today are on the market 7 days less than this time last year. This indicates that buyers are making faster decisions, not taking a chance of losing the home. In a seller’s market, many other buyers are vying for the same home. This is exponentially true today. Acting quickly, but still evaluating your decisions carefully is crucial. 

New Listings are Scarce 

For the week ending June 27, there were 17 percent fewer home listings, which is yet another reason to act quickly if you find a home. The fewer listings lend themselves to the fewer pending home sales this month versus a year ago, which is yet another reason to make sure you work with us, as we inform you of the listings as quickly as possible.  

Interest Rates are Lower than Ever 

When it comes to financing, there’s no better time than now to buy a home. Rates are lower than ever. You may find you can afford more homes or that your mortgage payment will be lower than you thought thanks to today’s low rates. 

What can you Do?  

We are facing uncertain times today, but with a few simple changes, you too can find your dream home. Consider the following:  

• Practice social distancing if you visit homes in person. Wear your PPE and keep a 6-foot distance from anyone that isn’t a household member. Let us open doors, cabinets, and appliances to limit the number of people touching objects in the home. 
  
  
• If you’re uncomfortable visiting a home in person, take advantage of video tours, or live virtual tours. We can show the home’s features just as well via video conferencing as we can in person. 
  
  
• Have your financing ready. Sellers want pre-approved buyers only. Since they have their pick of many buyers, don’t take a chance. Get with your lender and secure a preapproval letter before you look at homes. When you find your dream home, you can bid on it without worry, knowing you have financing. 

FINAL THOUGHTS  

We certainly face ‘different times today, but it’s not impossible to buy a home. Things may look different and you may not even see the home in person at first, but with the right steps and the right support, you can buy your dream home today. As a top producing agent with 20+ years of experience in the East Bay, I have helped hundreds of clients buy their dream homes in the Greater San Francisco Bay area and the counties of Alameda and Contra Costa. My experience as a former appraiser allows me to help my clients understand the market and make the right offer. If you have any questions, I am here to be a resource for you.