The pandemic has significantly impacted the housing industry in the US. This had led to a decrease in the buying and selling of houses. The primary reason behind this is the outbreak that spreads upon contact. More people are restricting strangers from entering their houses, which has led to a decrease in the sale of houses. In this blog post, we have discussed the effects of the pandemic on the housing market. So, keep reading to learn more.
1. Impact on Mortgage Rate
Interest rates are fluctuating after the pandemic, and homeowners with 15-30 years home mortgage can notice a tremendous discount. These rates won’t fluctuate when the housing market is stable. So, keep an eye on mortgage rates, and doing comparison shopping can help you secure the best mortgage rates. Moreover, working hand in hand with brokers and mortgage lenders will also improve your chances of buying a house when mortgage rates are low.
2. Impact on Down Payment Assistance Program
If you are wondering about the effects of down payment assistance program on the housing market in the US, you’ll be glad to know that the program is still active. You can also find home buyer association programs online and complete your requirements at home. However, be ready for delays in the approval process due to remote work.
3. Impact on Sales
The pandemic has changed the way real estate agents show houses to customers. Since people aren’t willing to allow strangers into their houses, real estate agents host virtual home tours to facilitate buyers and take safety measures. Social media, including YouTube, has played an important part in allowing real estate agents to show the property to their clients, leading to a minor boost in sales from the high season of the pandemic.
4. Impact on Open-house, Moving and Inspection
Besides the conventional impacts of the pandemic, it has also disturbed other industries. For instance, the moving industry has faced drastic losses during the lockdown as many people weren’t willing to relocate. Moreover, there are several regulations instated by the moving industries to prevent the further spread of the pandemic. On the other hand, an inspection of houses is still happening but only under special consideration. It’s best to inquire before hand about the precautionary methods taken by the inspection agent. While open house visits are strictly off-limits, the virus can spread in closed vicinities and people standing too close to each other.
Ending Note
The housing industry in the US has experienced a lot of downtime due to the pandemic. However, as things are gradually returning to normal, the housing industry is seeing a boom from previous earning. More people are trying to relocate because they are unsure when the next wave of the pandemic might hit and take away their freedom.