Market Remains Strong Throughout COVID-19 Pandemic
Good Monday Morning!
With the world still in a crisis over Covid19 and many speculations as to when this all will end, the Real Estate world is still alive and moving in the Eugene and Springfield area. The suprising fact is that there are people putting their homes on the market and they are selling. In fact in many cases, homes are lasting no more than just a few days before they sell. One thing that never changes is the fact that there are people who need to purchase a home and those who need to sell a home. If you find yourself in a position where you either need or want to buy or sell a home, don't be afraid to act now. We are finding that even though the market is different right now, it remains strong. Unfortunately, this is not the common feeling right now by most people as described in this article from "Realtor.com". The reality is that the inventory of homes for sale is very low and there are many buyers out there ready to buy when they find the home they are looking for.
Americans have quickly soured on the prospects of the nation’s real-estate market as the coronavirus pandemic has swept the country.
Only 50% of Americans said that now is a good time to buy a home, according to a survey of roughly 1,000 people released Friday by polling firm Gallup. That represents the lowest share of Americans to have a positive view on the country’s housing market in the time that Gallup has tracked people’s sentiments on real estate.
A year ago, 61% of Americans thought it was a good time to buy, while 36% said they believed it wasn’t. The previous low was set back in 2006 when only 52% of Americans thought it was a good time to buy amid the subprime mortgage-fueled housing bubble. Gallup began tracking American’s feelings on the housing market periodically back in the 1970s and has polled on this question annually since 2003.
Sellers, meanwhile, have refrained from listing their homes or pulled them from the market to avoid the possibility of needing to sell at a lower price.
Notably, the shift in sentiment was more prominent among homeowners (down 16 percentage points) than renters (down four percentage points). Renters were more pessimistic about the housing market during the Great Recession than they are now, while this year’s poll represents an all-time low among homeowners.
Republicans, people who live in the suburbs of large cities, and those whose annual income exceeds $100,000 were most upbeat, per Gallup’s survey.
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