Good news! The housing market is still active, and agents and brokers are finding new and creative ways to accommodate social distancing! A lot of what you read about the impact of COVID-19 is negative, so we wanted to shine some positive light and commend our network of agents and brokers for their hard work. The good news? There could be some long-term benefits from the innovations made to the home-buying process that can carry over into the post-COVID era!
Homeowners who find themselves around the home more than normal can use time to make a big difference in their home with upgrades that don’t have to cost a fortune. Simple DIY projects can enhance a home and make spaces more appealing for buyers when homeowners are ready to move forward with their home sale.
St Louis Region Escapes the Housing Crisis of 2020
Despite what the news media may imply, the pandemic and protests HAVE NOT severely damaged the St. Louis area real estate market. Home Showings are increasing as the stay-at-home orders are lifted. Sales Prices continue to rise as the number of Homes for Sale sinks to historically low levels. Additionally, Homes Under Contract are similar to Sold Homes during the same timeframe last year. Scroll down for more local housing info & stats and check out current for-sale, recently sold and open houses in your neighborhood.
Pent-up housing demand during the shutdowns is about to be unleashed as many coronavirus-related restrictions to daily life are lifted or relaxed and consumers return to the real estate market. Home sales are bouncing back from their bottom during the COVID-19 pandemic and many buyers are moving quickly amid the return of bidding wars.
Looking forward, the market is ripe for robust activity. Mortgage applications are defying economists’ expectations, rising 54% since April, the Mortgage Bankers Association reported recently. Mortgage rates for 30-year loans have broken through record lows three times in as many months, making borrowing costs favorable for prospective buyers who are looking to get off the fence and purchase. Meanwhile, home prices continue to rise, even as uncertainty around the pandemic persists.
Owning a home is more than having a permanent address. By investing in a home, you build financial stability, gain the freedom to create a home that fits your lifestyle, and play a role in strengthening your community!