Real Estate vs. COVID: 3 Myths it’s Time to Ignore

If you’re like many people, you’ve been keeping tabs on the coronavirus pandemic – you just can’t help it, especially in Arizona. But there are a handful of myths swirling around the real estate market that it’s time to clear up.

 

Regardless of what you see on social media, read on your favorite news app or hear from your neighbor, there are three big myths about COVID and real estate in Arizona that you should ignore:

 

Here’s a closer look at each.

 

 

A lot of sellers have put their plans on hold – in fact, in July, new home listings dropped by about 14 percent from the July 2019 figures. However, that means it’s a great time for you to sell your home. With less competition on the market, it becomes a seller’s market; that means conditions are favorable for sellers. When inventory is low (meaning that there are fewer homes on the market), sellers have more potential buyers – and often end up choosing from multiple offers.

 

Buyers can see homes in person. Most “safer-at-home” restrictions are being lifted, and even when they’re still in place, you can socially distance yourself from your agent while you’re taking in-person tours. In fact, our agents are taking extra precautions to protect buyers and sellers throughout every transaction.

 

Contrary to what you might believe, home prices are going up. That’s because there are more buyers looking for homes than there are homes to sell – and it’s the simple rule of supply and demand. According to the National Association of REALTORS®, home prices are rising faster than they were before the pandemic. One reason: record-low mortgage rates, which boost buying power. The national median price for single-family homes grew 7.7 percent during the first quarter of 2020, which means that if you sell now, you could be looking at a higher profit than you would under ordinary circumstances.