There is no doubt that the coronavirus has had an impact on home sales in the second and third quarter of 2020, similarly to the way it has affected every industry across the country. However, many real estate professionals and prospective home buyers and sellers are wondering how it will affect home sales in quarter number four. This review offers an in-depth review of the home sales outlook in the fourth quarter (fall and early winter) of 2020.
Fewer Home Sales in the 4th Quarter of 2020
Home sales remained low across the country in the third quarter. More states are opening businesses back up on a larger scale, however, so the market may start to see an increase in home sales in 2020. Although, there is little as far as trends that indicate there will be a significant increase in the real estate market, which means while home sales may see an increase from the 3rd quarter to the fourth, the overall rate for home sales forecast to be relatively low when compared to the fourth quarter of 2018 and 2019.
Fewer Listings– Home Prices May Stay The Same
In a normal, non-pandemic real estate market fewer home sales would mean more demand for prospective buyers. However, there are also fewer listings avaialble to prospective buyers. This means that while there are fewer home sales, the number of avaialble homes should still remain low, which makes competition for homes among prospective buyers relatively neutral or slightly higher than normal. As it relates to real estate home prices, this could lead to a similar or slightly increased rate of the average sale.
How to Find the Right Home for You in The 4th Quarter
When searching for a home during the COVID-19 pandemic, it is important to utilize more online listings to find your dream home. This is because open houses and home showings will be less available than normal. Instead, rely more upon virtual showings and 3D tours. Also, consulting with a listing agent or buyer’s agent can help you find the right home in the right neighborhood for the right price.
Tips for Selling Your Home in The 4th Quarter
One reason for a decrease in home sales in 2020 during the COVID-19 pandemic is it is now more challenging to list and sell a home safely. However, those who are interested in selling during the 4th quarter can ensure a safe process by hiring a listing agent that understands how to utilize digital avenues of marketing and find prospective buyers at a time fewer are willing to schedule open houses or home showings.
The Bottom Line
Home sale outlooks should stay relatively low in 2020, but there may be a slight increase in home listings and prospective buyers in the fourth quarter. Those who are interested in buying or selling their home in 2020 can do so safely by taking precautions and having a detailed plan in place in advance, along with hiring an experienced real estate agent to assist each step of the way.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129