Real Estate professionals from across the United States say that current real estate market conditions point to a seller’s market in most areas. Brokers say that inventory is low, so now is an ideal time to sell. For buyers, it’s a good time to buy before prices escalate. Five professionals offer their insights about preparing to buy or invest in real estate in their areas ranging from Oregon, Florida, and New York.
Leslie Purdy, Real Estate Profitability Author and Broker Associate at EXP Realty, LLC, in Melbourne, located in Broward County, Florida, LesliePurdy.com said now is the time to prepare for homeownership and real estate investments.
Purdy said, “First, save your money and have at least six months of living expenses so that you won’t be anxious about your safety and security. Second, don’t make any major purchases unless necessary. Third, pay off your revolving credit, so your cash will help you survive longer.”
In Southwest Florida, Bonita Springs Broker Bryan Scariano, Sky Coastal Realty www.skycoastalrealty.com has seen low inventory and steady price increases during COVID-19 in Lee County.
“The market has shown strength throughout COVID,” Bryan Scariano said. “With inventory levels dropping to yearly lows, escalating demand, and migration from the North, we can expect to see the prices to continue to rise given these conditions.”
Renae Graves, Licensed Real Estate Broker/Owner at Midpoint Realty, LLC, in Lee County www.CapeCoralFLlistings.com agrees:
“It is a sellers’ market in Cape Coral, Florida,” Renae Graves said. “We are at 50% less inventory than usual this time of year. Pool homes are particularly scarce right now, so it’s a perfect time to sell! “
While COVID-19 kept some people homebound, with restrictions loosened, Robert “Bob” L Eberle, Licensed Associate Real Estate Broker at EXP Realty, Schenectady, New York www.AlbanyHomes411.com sees more seller activity . “Since things are starting to open up, I see more people becoming willing to put their home on the market,” Bob Eberle said. “I was finding them reluctant as they didn’t want strangers in and out of their home. We’re learning to live with this virus.”
Downsizing expert Oregon Real Estate Broker Ron Bush, JD Equinox Real Estate, Eugene, Oregon,www.Downsizingeugene.com said now is the perfect time for older people to downsize and sell their property. “Seniors considering Downsizing are benefiting from the best sellers’ market ever. A shortage of listings, combined with historically low-interest rates, result in buyers pushing prices ever higher.”
Overall, real estate professionals see market conditions as ideal for sellers due to low inventory, historically low-interest rates, and buyer interest.It appears that COVID-19 has opened the door of opportunity for real estate buyers, sellers, and investors.
Danielle Enos and Tim Mulchy, Associate Brokers at Select Homes Team Keller Williams Capital District http://www.selecthomesteam.com/ in Latham, New York, sum it up.
“As the pandemic pushes more buyers to the suburbs, interest rates at an all time low, and a sharp decline in existing homes for sale, it is the perfect opportunity for buyers to build their dream home.”