LINCOLN, Neb. (KOLN) - Local realtors said, on paper, there has never been a better time to buy or sell a home. Historically low interest rates and lack of housing makes the market competitive, but the pandemic is making home-buying and selling even more complicated.
Before coronavirus came to Lincoln, the housing inventory was already low. According to Realtor.com, nationwide new listings are down 40 percent. Some Lincoln realtors said buyers and sellers are becoming more cautious because of COVID-19.
"May in the real estate business is one of our busiest months by far," said Matt Kirkland, a Lincoln realtor. "It seems like families start thinking about after coming out of long winters here in Nebraska February March April people are starting gear up and get their houses ready for sale. Once May hit, we are in full thrust of busy season."
For first-time home-buyers and home-buyers that are moving up, buying a house in the middle of a pandemic means jumping through some hoops.
"Sellers want to know who is in their house," said Karalyn Hoefler, a broker with Keller Williams. "I have to do full disclosure of who I'm bringing on the property, we have to take proper precautions as far as hand sanitizing, gloves masks, not touching any surfaces, taking your shoes off."
Hesitation on the seller's side of the transaction and an already low inventory in Lincoln means houses that do come online go fast.
"Incredibly low inventory homes for sale, we're still seeing multiple bid, multiple offers on homes," said Kirkland. "We're seeing homes sell the day they hit the market. they go up by 10 a.m in the morning and by 8 at night they're under contract."
Financial concerns from changing employment situations is also impacting buyers.
"I've had clients hold off because of their work situation, it definitely has effected me and my clients directly," Kirkland said.
Despite having to jump through hoops and the lack of inventory, Kirkland said there's still never been a better time to buy.
"You can buy a home and borrow at an incredibly advantageous rate to you for the life of your loan," Kirkland said. "Still a very strong sales market for real estate in Lincoln."
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May 16, 2020 at 07:17AM
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Pandemic impacting home buying, selling - 1011now
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