Homebuyers across the world are preparing for a challenging future, and so are the top real estate agents Raleigh NC. When the coronavirus hit, many prospective home buyers anticipated that they might find good opportunities during an economic crisis. There is still a lot of dust that is yet to settle, but the best real estate agent Raleigh says that the situation may still occur.
The novel coronavirus is posing a lot of threats to the real estate market, say top-selling real estate agents Raleigh NC. A lot of sellers are removing their listings from the market rather than suffer this indefinite future. To some potential sellers, these ever-changing situations are no languishing as they are short of options due to other commitments. As for potential buyers, confusion lingers in the air as real estate agent NC offers them listings of homes from potential sellers.
Should You Buy a Home During the Covid-19 Crisis?
Some of the best real estate agents in Raleigh have proved that past economic shocks have not impacted the market. But there is no evidence on how the market will fair during this pandemic. While experts in virology believe that this is a short-term event, the top real estate agent in Raleigh shows evidence that real estate property transactions have dropped.
While the world is fighting to keep the economy from failing, there is still hope for potential home buyers. As per the top real estate agent Raleigh, the prices of high-end luxury properties have dropped. According to real estate agent Cary NC, this is due to several reasons such as business loss due to lockdown, canceled bonus, fall in share market, and so on. But the prices are expected to bounce back soon.
A Drop in Price?
While many people expect a drastic fall in prices of real estate property, real estate agent Raleigh says that the prices will remain stable, and only the number of sellers will drop. The COVID-19 is a pandemic that will see an end, but the real estate market will continue to survive as long as there are buyers and sellers. The housing market gained momentum due to a decrease in interest rate as well as easing of credit conditions. But the major purchase decision is based on consumer job security, which is under threat due to the novel coronavirus.
As per the best real estate agent NC, financial hardship is the top reason why consumers may delay their purchase decision. Loss of job, household debts, reduced income, no bonus, and business loss are some of the reasons that could force a fall in demand for real estate property in the months to come. In addition, there is a ban on in-person inspections and auctions, which can further reduce the price of the property.
The top real estate agent NC perceives that the prices may not remain at their current value even with quantitative easing and emergency rate cuts. There may be a considerable fall in price due to social distancing measures, the uncertainty of borrowers, and economic slowdown. The market conditions will not last for long, and the real estate market will bounce back sooner than later. If you can make repayments on your home loan, now is the time to buy!