Home Sales during COVID 19
Things Have Changed
The soothsayer in Shakespeare’s Julius Caesar issued his famous warning “Beware the Ides of March.” Who knew that in 2020, around the middle of March, the world, as we knew it, would force such dramatic changes on us from the Coronavirus.
In America, it has brought our economy to its knees as we sheltered in place for over four months. During this time, changes have affected our lives and many of those changes could be permanent.
Previously, smaller homes were becoming the trend for not only efficiency but upkeep so owners would have more time to do things including travel. Now, travel is minimal and our world, in some respects, is reduced to our home.
For families with children, their home has become a school. With so many people working from home, it has become our office or store or studio. If there is more than one working adult in a home, it needs to have space for each party to work. The home fitness industry is experiencing record sales in exercise equipment so the home can become a gym.
Since we’re all spending more time at home, it is also the place to recreate. We’re cooking more; a larger kitchen and dining area would be nice. We want to enjoy the yard, garden, pool or balcony and our current home may not even have them or we’d like to upgrade.
People are wanting and needing more space to do all of these things at home. Many experts are anticipating that these changes we thought were temporary may be part of the new normal even after a vaccine and cure have been discovered.
If you have had any of these thoughts and would like to know more about how to buy or sell a home in our current market, we would love to tell you about the many options available while being responsible to stay safe. Whether it is buying for the first time, moving up or moving on, I would like to help.
The New Real Estate Normal?
The last number of months of the new normal stay at home has led many homeowners to rethink the way they live in their home. It has now become an office for working at home; a school for children; a gym to stay in shape; and a place for recreation.
The repurposing has people evaluating whether their home still meets their needs or if some changes are necessary. In some cases, adult children have moved back home, and, in others, there are parents who have moved in for the first time.
Staying at home and sheltering in place is necessary but how much togetherness can one family take and how long is it going to last? Temporary is stretching into longer than expected and even when vaccines and treatments are discovered, will things really go back to the way they were?
A home is a place to call your own; to raise your family, share with your friends and to feel safe and secure. Covid-19 has changed the scope of feeling safe and secure at home and may now be considered a sanctuary of safety more than ever before.
Many of the chief economists in the country feel that real estate will likely lead the country out of this recession. The housing market is experiencing low inventory and has for almost a decade. Building has not kept up with demand and prices of existing homes have continued to go up; 8% over last year nationally.
With 30-year mortgage rates at close to 3% and prices expected to continue to rise, an investment in a home can fit your needs and show returns in satisfaction, comfort, enjoyment, and monetary value.
If you are going to be spending more time in your home for all the reasons mentioned, maybe now is the time to consider finding a home that better suits your needs. It can be done in a responsible and safe manner using an online meeting with your real estate professional. Find out what is available and what the process entails to protect you and your family.
If you would like any professional residential Real Estate advice, contact us at Paramount Real Estate Services. 1008 12th St. SE Salem, OR 97302 503-851-1645
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