Mecklenburg County has one of the strictest Stay At Home Orders in the state and has limited showings of properties only to vacant homes. Because of this, we’ve seen a major slow down in the marketplace. However, they are allowing virtual tours at this time and surrounding counties are still allowing showings. Because this pandemic leads to less competition in the marketplace, we are finding that homes that do come on the market are getting extra attention and still selling for top dollar.
While it is still a seller’s market, there are fewer buyers competing for the same homes. So, where we were having 8 offers on a home before the pandemic, we are now seeing around 3. This is a great opportunity for buyers who kept missing out because they have less money to put down or are using VA 100% financing. Couple this with historically low interest rates and this is still a fantastic time to find a home.
Because of the epidemic, we’ve seen a rise in homes featuring “virtual tours”. The truth is, no matter how nice the virtual tour is, it doesn’t replace the need for someone to walk through the home in person. We all know that pictures can be deceiving and a virtual tour is no exception. For this reason, I wouldn’t advise anyone to spend their money on a virtual tour. Get your professional photos like normal and you’ll be fine.
To List or Not to List.
If you’re in a position where you need to sell, then go ahead and list your home, especially if your home value is under $500,000. If your home value is higher than $500,000, we have seen a slow down in this price range, so I would suggest waiting if you can. If you’re considering waiting to list your home, here are some helpful tips for getting your home ready in the meantime.
As always, contact us with any questions or comments. We are offering virtual consultations to clients who are not comfortable meeting in person.
Stay safe and be well!
-By Samara Presley, founder of Smart Choice Realty