The Triangle area real estate market hit its spring stride starting in February.
With the COVID-19 outbreak in March 2020, the market has hit a speed bump but is far from being at a standstill.
COVID-19 outbreak and the housing market. Here are the facts:
1. Homes are still going on the market – some sellers are temporarily stopping showings while they are forced to work from home, especially with young children, but many homeowners are still accommodating showings.
2. Homes are still getting multiple offers, especially if priced $300,000 or less – this is in all areas of the Triangle. We still have a shortage of inventory but plenty of buyers.
3. Most buyers and sellers are not canceling contracts – the only exceptions are if buyers have temporarily lost their jobs or if buyers were planning on borrowing against their retirement accounts for their down payment
4. Inspections are taking place – Although most inspectors are not allowing buyers to be present to comply with social distancing
5. New Home Construction has not stopped – Sales offices are open but design centers are closed or operating with restrictions
NC has drafted an addendum that can be used to accommodate potential delays that may arise out of government-mandated shutdowns, efforts at social distancing, and possible delays from banks, mortgage lenders and real estate attorneys.
COVID-19 outbreak – If you are thinking about buying or selling between now and June, call me to discuss your specific situation to be sure you are getting local, timely information and facts related to the 2020 real estate market.
If you’re thinking about buying or selling in the coming months, let’s chat!
Give me a call at 919-818-5001 or email firstname.lastname@example.org.