Kicking off at the end of March, spring signals the start of homebuying season…at least it used to. As you know, the coronavirus pandemic has changed everything about this spring—including the real estate market.
The months of April through July traditionally account for more than 40% of all housing transactions. 2020 has been much different. This year's homebuying season started in January due to record low mortgage rates, low inventory and high demand. In fact, just prior to the pandemic, the housing market was hot—with sales at their best levels in over a decade and multiple offer situations part of the norm.
Coming Soon listings continue to become more common as the local housing inventory tightens. It causes concern among buyers, sellers and real estate professionals. It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation.