Ready for the housing rebound? Existing-home sales dip for 11th month, but NAR sees brighter days ahead!
The housing market has been hit hard by the COVID-19 pandemic, with existing-home sales declining for the 11th straight month in April. But there are signs that the market is beginning to recover. The National Association of Realtors (NAR) says it expects the market to rebound this summer as the economy slowly reopens.
What’s Causing the Decline in Existing-Home Sales?
The existing-home sales decline is being driven by a number of factors, including high unemployment and economic uncertainty. The pandemic has caused a drop in consumer confidence and has made it difficult for buyers to obtain financing. Additionally, tight inventory levels have limited the available homes for sale.
What Can Buyers Do to Prepare for the Rebound?
The key to taking advantage of the market rebound is to be prepared. Buyers should start by getting pre-approved for a loan. This will enable them to move quickly when they find the right home.
Buyers should also ensure that their finances are in order. This includes having a good credit score and a manageable debt-to-income (DTI) ratio. It’s also important to have enough money saved for a down payment and closing costs.
What Should Buyers Look for in a Home?
When searching for a home, buyers should focus on areas that are likely to appreciate in value. This includes neighborhoods that are close to amenities, public transportation, and job centers.
Buyers should also consider the home’s condition. It’s important to look for any potential problems, such as plumbing or electrical issues. These can be expensive to repair and can affect the home’s value.
Finally, buyers should look at the home’s energy efficiency. This includes things like insulation, windows, and appliances. Energy-efficient homes will save buyers money on their energy bills in the long run.
What Can Sellers Do to Take Advantage of the Market Rebound?
Sellers can take advantage of the market rebound by preparing their homes for sale. This includes making any necessary repairs and sprucing up the home’s curb appeal.
Sellers should also consider pricing their homes competitively. This will help attract buyers and ensure that their homes sell quickly.
What Can Real Estate Professionals Do to Help?
Real estate professionals can help buyers and sellers take advantage of the market rebound. They can help buyers find the right homes and assist sellers in preparing their homes for sale.
Real estate professionals can also provide valuable advice about the local market and can help buyers and sellers navigate the buying and selling process.
The housing market has been hit hard by the COVID-19 pandemic, but there are signs that the market is beginning to recover. Buyers and sellers can take advantage of the rebound by being prepared and taking the right steps. Real estate professionals can be invaluable in helping buyers and sellers navigate the market.
By being prepared and taking the right steps, buyers and sellers can take advantage of the market rebound and find success in their home buying and selling endeavors.