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Buyers: when the stock market goes down normally so don’t mortgage rates. With mortgage rates under 4% right now you are able to purchase much more home for much less of a price. Another huge benefit for you as a virus right now is that you were going up against fewer buyers and we’ll be able to purchase a home most likely at a better deal than you would when the market goes back to normal and what we estimate to be 2 to 4 weeks.
Sellers: housing inventory across the country has been at historically low levels. In Rhode Island and Massachusetts, areas that we cover we have seen the lowest amount of inventory in recent history. Specifically in Rhode Island right now there are fewer than 1755 single family homes available for sale. Normally we have between 4000 and 6000 available for sale. What this means even though there may be fewer buyers right now then there were a week or so back, it means that sellers are going up against such limited competition where it won’t affect them like it would in a traditional Market.
Real estate is different from state to state and town to town and even neighborhood to neighborhood. We strongly suggest that you consult with a local real estate agent to understand the pros and cons of purchasing or selling at any time and in any Market.
For more information on Rhode Island, Connecticut, and Massachusetts Real Estate feel free 2 contact us at emilio@dispiritoteam.com or www.DiSpiritoTeam.com