Real Estate: It's a seller's market thanks to coronavirus
Are you looking to buy a new home or sell the one you have? Turns out, demand is high right now and inventory is low.
A local realtor at Key Realty says it's a seller's market. That means if you're listing, expect to sell quick and if you're buying, expect to compete with other offers. But of course, price is king.
Aaron Siek and his wife Amanda lived in their Sylvania Township home for 15 years. This Mother's Day, they listed it.
"We just outgrew the space essentially and we're ready to move on and start a new life. You know, a new chapter in our life," said Siek.
It hasn't even been two weeks yet, and the house has been sold. Showings and multiple offers happened right away. In that short time frame, the couple also bought their next home - fighting off other bids there, too.
"We were just very grateful and blessed that an opportunity came along and we jumped on it and it feels like it's going to be pretty good for us. So, we're excited," said Siek.
Their realtor, Tyler Tresize, says the Siek's experience is the rule right now, not the exception. The market is hot.
"I would say the average realtor maybe sells a couple houses a year and I'll sell 18 at least in the next 30 days," said Tresize.
Coronavirus changed everything and at first, put things on pause.
"Typically in the beginning of March is when home buying really starts picking up because that's when people start getting their tax returns that they'll use for down-payments on houses," said Tresize.
Right now, it's buyers only during showings and no overlapping. Sometimes masks and shoes off are required. Tresize says some people are uneasy about strangers walking through their home, which is why there are fewer listings and more buyers.
"People are very concerned. A lot of times I'll show a house and a lot of the doors are open, the lights are on because people don't want them touching their switches or doorknobs," said Tresize.
His best advice for buyers: get pre-approved; and for sellers: be ready to move.
Tresize expects the trend to continue.
"Even though they have all the other things that they need to buy a house, they need to be employed. So, I feel like as people are starting to go back to work, there's only going to be more buyers that are going to be hitting the market," he said.