How is the housing market and what do we have in store for the next few months? We asked one of our Divorce Realty Pros, Joshua Berngard from Buzzer Realty and he had some great insight.
According to Josh, the news is mostly good for sellers. Based on what he is seeing, we are not experiencing the dramatic drops that any were expecting. While there is softness in the luxury market, the rest of the market is still robust. Josh attributed a lot of this to borrowers, deciding that they need homes more suited for their lifestyle. Basically, being stuck in your home for weeks and months has made potential buyers realize that they need things like outdoor space or more square footage.
For sellers who need to sell, such as divorcing couples, Josh’s advice is to list as soon as possible to take advantage of the market. The summer market will be over before we know it and the opportunity could go with it. In these cases, however, desire for maximum price could be a detractor from selling. Josh’s advice was to list a bit lower, possibly below market, to drive interest and to possibly create a bidding war. At the very list, these properties will sell and meet the primary objective of speed over maximum price, which is the key in meeting a tight timeline or a court order.
Josh also commented on the movement and migration of buyers. Many are making the decision to move from the urban to the suburban markets. While this could be attributed to a desire for less density, Josh felt that this was more due to the desire for the amenities and affordability that the suburbs offer.
His advice for buyers was that they need to be deliberate in their search and they should know what they want. According to Josh, there is a significant amount of interest from buyers as rates are low and they feel the time is right to buy, which means more competition. Because of this buyers should also be ready with important aspects of their search like the financing. Homes are moving in less than 30-days which means that the opportunities will go the buyers that are ready to purchase.
Nobody can predict the future and we still do not know what the post-COVID-19 landscape will look like, but ,regardless of the ups and downs, some rules seem to be unchanged. For sellers, have reasonable expectations, understand the market and hire the right professional. If you are buying, the advice to know what you want, know if you can afford it and buy it when you find it when the numbers fit your budget continue to be the best way to get the home that fits your needs.