As we gradually lift the stay-at-home orders as a result of COVID-19, preliminary data shows that homebuyers across the country are coming back to the market.
According to Joel Kan, Economist at The Mortgage Bankers Association, “Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”
Opportunities for St. Petersburg’s Buyers & Sellers
Buyers: Historically low mortgage rates are bringing buyers back to the market. Sam Khater, Chief Economist at Freddie Mac stated that for the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic.
Sellers: If you are thinking of listing your home, now may be the best time because of low inventory. In May, our area had over 2,100 pendings that will close in June, an indication of a continued hot sellers’ market.
RE/MAX COVID-19 Response
At RE/MAX, the well-being and safety of our agents, clients and communities are our top priority. The National Association of Realtors has issued stringent guidelines regarding the listing, showing and sale of properties, which our company has adopted. Realtor Estelia Mesimer says, “I have implemented these ongoing measures to ensure health and safety, while also maintaining the highest level of service to my clients.”
Bottom Line: If you are thinking about selling your home, don’t hesitate to do it. Yes, COVID-19 is still an issue, but as we cautiously re-open, continue to adhere to CDC guidelines and adjust to “new normal” real estate tools that help sell homes, you can feel safe about putting your home on the market.
St. Petersburg Communities
Greater Pinellas Point
Historic Old Northeast
Historic Roser Park
Isla del Sol