COVID-19 Real Estate Market Stays Strong
May 4, 2020
Fort Wayne Area Real Estate Market Remains Strong Through Covid-19
COVID-19 has changed so many of the ways we live, work, and play. As entire industries and businesses have shut down, we've heard concern from many homeowners that are looking into selling their homes.
The three most common questions we've been asked over the past several weeks are:
- Are there buyers out there? Are people still looking for new homes throughout the crisis?
- Has my property lost value through the economic downturn?
- What changes have been made to make this a safe process for everyone?
You might be wondering about the answers to some of these questions yourself, so we will answer them here for you.
First, some good news: COVID-19 has not slowed the real estate market down at all.
After an initial 10-day slowdown as our agents and the general public learned the new rules and implications of the shutdown, the market remained steadily strong throughout the crisis.
"COVID-19 has not slowed down the buyers searching for homes over the last 2 months," says Orizon Broker-Manager John Bellam.
We're extremely happy to share that there are still the same strong numbers of buyers out there as there were before Indiana's stay-at-home order began.
"People always need homes to live in. There has been an inventory shortage for a few years now so buyers did not bail out of the market when COVID-19 hit," Bellam continues. "They still stayed on top of new listings and jumped on them quickly."
The next bit of good news: Property values have not changed because of the COVID-19 crisis.
You want to get the most out of the sale of your home, and we are still prepared to help you do that. We have not seen a drop in property value, appraisals, or offers on homes over the past few months.
It is, however, possible that if unemployment rates don't begin to decline as businesses begin to reopen, the market could slow down. To help prevent this, we encourage you to support local small businesses as much as you are able.
Another piece of good news: Home buying and selling has never been a safer or easier process.
Virtual house tours have taken over, so sellers do not need to vacate their homes for showings as often as they used to.
"Orizon has implemented many new safety measures. Putting Lysol wipes in our listings. Agents wearing masks. Offering more virtual services," Bellam says. "But aside from safety issues and closing our office, we tried to continue working by appointment and offering the same buyer and seller services that we always do. We left decisions about touring homes and meeting face-to-face up to the client and accommodated them to their comfort level. It has been a plan that has worked well for us."
In conclusion, this is still a great time to put your home on the market! The process may look a little bit different with the newfound focus on virtual life, but, if you have been considering moving, COVID-19 should not make you rethink your decision.
Are you looking for a new home or ready to sell the home you're in? We're here to help. Call us at 260-248-8961 to get connected with an Orizon Real Estate realtor today!