There has been a lot of concern about how COVID-19 is affecting the Fresno housing market …
Would anyone want to buy a home in such uncertain times?
Would anyone be selling their home?
How would realtors continue to do their jobs with all the restrictions to protect the public health?
While there has been a decline in home sales, currently the answers are yes, yes, and we found ways to make it happen.
Buyers are Starting to Buy Homes
Home sales dropped severely in April and May, as compared to sales during those same months in 2019. In fact, the California Association of Realtors reported that “California home sales fell to the lowest level since the Great Recession as the housing market suffered the full impact of the coronavirus pandemic in May.”
“The sharp sales drop in May was the steepest we’ve seen in some time, but there are encouraging signs that show the market is recovering and should continue to improve over the next few months,” said 2020 C.A.R. President Jeanne Radsick.
“With pending home sales up a stunning 67 percent in May, buyer demand is on the upswing amid record-low rates that are making monthly mortgage payments $300 less than a year ago.”
Mortgage loan interest rates are stunningly low, and right now we are seeing homes in Fresno getting multiple offers for close to list price or higher. Homes are selling generally in less than three weeks … some within just a few days.
Low Mortgage Rates Driving Interest
People are taking advantage of the low mortgage rates in record numbers. CNBC recently reported that mortgage applications to purchase a home are 21% higher than a year ago. This is the highest volume in more than 11 years.
Not Enough Sellers are Listing Homes
The biggest challenge right now in the Fresno housing market is that there aren’t enough homes for sale.
Data from the California Association of Realtors shows that “the number of new listings being added to the MLS (Multiple Listing Service) each week has yet to reach pre-crisis levels, let alone 2019 levels.”
We’re Here to Safely Help You Buy or Sell Your Home during COVID-19
You can rest assured that we are taking every precaution to ensure your health and safety when buying or selling your home.