Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry's leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:
“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”
Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout Los Angeles.
Here are three reasons for this uptick in activity:
1. Some people need to move. Whether because, a new birth, divorce, financial hardship, or a job transfer, some people need to make a move as quickly as possible.
2. We have been innovative ways to allow people to view homes virtually or safety:
• View homes via Instagram Live, Facebook Live, Zoom, Matterport, or Facetime
• View homes using safety protocols, limiting the number of people at them to two buyers and one person on our team. Maintaining social distance, hand-washing, face masks and hand sanitizer.
3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.
Looking closely at the third reason, we can see that there’s a big difference between purchasing as there were before the pandemic. These are strange times but despite them, people still need a place to call home as home has never been more important.