“It’s really kind of bounced back better than we ever could’ve imagined”: Realtor group says the housing market is looking up
EASTERN SHORE, Md.- A local realtor group told 47abc that the housing market is now doing well, despite the ongoing pandemic.
The President of the Coastal Association of Realtors said back in March the market almost died completely, and that’s partly because people were scared to buy and sell homes.
He said at the end of April and beginning of May though people started to become more comfortable and they did virtual tours.
Now, we are told the real estate market has made a fierce come back with inventory being very low, but the demand really strong.
People are also now doing more in-person tours.
“So the inventory is extremely slim, so if you’re looking to buy your options are not nearly as wide as what they were even just a few months ago and as a result you have people fighting over more properties, people are paying higher prices,” Joe Wilson, President Coastal Association of Realtors, said.
Wilson said interest rates are extremely low right now.
He advises that if you are looking to sell command the highest price possible because the market is slow.
As for buyers, he said make offers right away because the options are slim.