Covid-19 Real Estate News
Real estate experts said May is the beginning of “prime time” to sell a home in Wisconsin, but amid covid-19 concerns people aren’t buying or selling like they used to.
“Looking to purchase a first home, haven’t bought a home before,” Kaitlin Morrison, Madison resident said.
Morrison has been scouting homes for a couple weeks and this house was the next one on the list.
“We thought we could come in and see the house in person to get a better feel for the place,” she said.
But she later found that wasn’t an option.
“It was a virtual tour. We thought we could get inside,” she said.
Morrison said interest rates are low and it’s a great time to buy.
She explained it’s competitive because there aren’t many houses to choose from.
“Not much out there and with the whole covid-19 it’s harder too,” she said.
She said not being able to go inside makes it even harder.
“I would be hesitant to purchase a home that I haven’t been inside to see myself. It’s such a big decision,” Morrison said.
Home buyers said getting a feel for the house through a screen is becoming the norm as realtors are showing homes virtually to follow social distancing guidelines.
Real estate experts said if you’re looking for a home it’s a great time to buy, but it may be difficult for you to see it in person. But on the other hand, people aren’t selling their homes like normal.
“New listings have declined. Inventory levels have deteriorated,” David Clark, Wisconsin Realtors Association Economics consultant said.
Clark analyzes monthly sales for the Wisconsin Realtors Association.
He said buying is slowing down as more people become unemployed and most buyers are reluctant to go on tours.
“Those that are in their homes don’t necessarily want people to come in and look at the homes,” he said.
Clark said realtors normally sell 43 percent of homes in May through August, but amid covid-19 this year’s outcome will be different.
“We’re definitely going to see a significant decline in sale volume in May, June and July, probably August,” Clark said.
But for Morrison, the search continues.
“We’re hopeful that we can find one. Hopefully more hit the market as it warms up and stay at home orders end,” Morrison said.
