We’re reading and hearing a lot of opinions about the impact of COVID-19 on the real estate market. We want you to know that we are carefully monitoring leading indicators and are here to serve as your source for accurate information about our local real estate market. We will keep you apprised in the coming weeks and welcome your calls anytime. Here are the most common questions we’ve received:
Q: I want to list my house but I’m worried that no one is buying right now. What should I do?
A: 48 homes went under contract in Carteret County this last week alone! We’re keeping an eye on showing traffic and offer activity and staying in contact with our local agent network so that we can keep you informed moving forward. Additionally, we’ve modified the way we’re marketing homes, focusing heavily on video and photography, and ramping up our online advertising. With so many folks at home – on their computers and phones – the exposure for our sellers’ homes is huge!
Q: Is this a good time to buy?
A: Interest rates are still low and are giving home shoppers a lot of buying power. For example, a 1% drop in interest rates is equal to 10% more buying power. A 4.5% interest rate on a $400,000 home is roughly the same monthly payment as a 3.5% rate on a $440,000 home. Taking advantage of current interest rates means buyers can afford more house.
Q: I would love to talk about my real estate needs, but I do not want to meet in person, what can I do?
A: We are gladly offering FaceTime and phone consultations as well as virtual showings! The safety of our clients is our top priority, and we are shifting our strategies to meet everyone’s needs during this time.
Q: What are you predicting over the next few months in our real estate market?
A: Many of our current clients feel that investing in a beach property, either for their own enjoyment or as a rental, is a smart alternative to the stock market, especially considering the low interest rates. With so much planned travel now canceled, we feel that the demand for second homes in our area will increase as families vacation at our local beaches more than ever.