Covid Effects on Texas Real Estate. Nowadays, it seems that we always hear something that appears to be too good to be true related to the ongoing COVID-19 pandemic. However, this is where the saying “if it sounds too good to be true, then it most likely is” comes into play. Thankfully, a lot of what we hear isn’t true, especially when it comes to real estate. For example, never assume that this is a terrible time to sell a home due to real estate prices decreasing. In fact, current data shows that both home prices and overall buyer demand are skyrocketing.
Here are four of the biggest real estate myths involving COVID-19.
*Perhaps one of the biggest real estate myths involving COVID-19 is that right now, it’s not permitted to view homes in person. With many states across the country previously implementing stay-at-home orders and currently implementing social distancing mandates in order to help stop the spread of COVID-19, there was a time when in-person open houses and home showings were forced to be placed on hold and virtual home tours were instead held in their place. However, these days, many of these restrictions have been listed, meaning that now, homes are able to be viewed in person, with real estate agents taking the time to implement extra safety precautions in order to protect both buyers and sellers alike.
*As previously mentioned, another of the biggest real estate myths involving COVID-19 is that it’s a terrible time to sell a home these days. Perhaps one of the biggest reasons that many people have chosen to keep their homes off the market for the time being is fear of potential exposure to COVID-19; however, there is also the potential assumption that selling a home right now could be a possible failure due to fewer amounts of home buyers and lower home prices. However, current statistics show that this is actually one of the best times in the past number of years to sell a home.
*Also as previously mentioned, another big real estate myth involving COVID-19 is that home prices are currently decreasing; however, the opposite is actually true, as home prices are rising. In fact, according to the National Association of Realtors, the overall national media price for single-family homes increased 7.7% of the first quarter of this year to $274,600, with the main reason being attributed to record-low mortgage rates.
*Another of the biggest real estate myths involving COVID-19 is that people are flocking to the suburbs instead of staying in the cities. The myth is that cities make social distancing much more difficult as opposed to less densely populated areas; however, this is only partly true, as the total number of views on properties with suburban ZIP codes back in May increased 13%, which is almost double those in urban areas, but this doesn’t mean that everyone from cities are fleeing to the suburbs. In fact, while many may be looking at suburban real estate listings, that doesn’t necessarily mean that they are serious about following through with this type of move.
Covid Effects on Texas Real Estate. Thank you for visiting the WR Team Realty’s blog, a Texas-based real estate agency that specialize in the sale of country homes, rural houses, acreage, land, farms and ranches near Fort Worth Texas (Parker County, Wise County, and Hood County). If you are looking to further discuss how we can help you sell or buy a home, please contact us today for more information.