Q: Which of These 5 Market Myths Are You Still Believing? - High Performance Real Estate Advisors

Here’s why you shouldn’t fall for these five market myths.

Here are five myths regarding our current real estate market you should stop believing:

1. There is less competition among homebuyers. The truth is, the spring market’s been delayed a few months, and since interest rates are at 60-year lows, we’re seeing a lot of activity from buyers. 

2. People aren’t selling their homes during the COVID-19 pandemic. While we did see a dip in listings during April, when everyone was trying to gauge the impact COVID-19 would have on the market and their daily lives, most people who have to sell have figured out a way to do it safely. Although we’re still in a pretty tight seller’s market, we’re back to seeing an influx of listings. This brings us to our next myth…

3. This is 2008 all over again. With all the jobless claims and talk of a coming recession, people are wondering how this impacts the housing market and whether or not it’s a similar situation to what we saw in 2008. The big difference between now and then is that housing is in high demand. Despite the surplus of buyers, inventory is at an all-time low, which is driving prices up. Again, this leads us into our next myth… 

4. Home prices have dropped. It’s basic economics: When there’s a lack of something on the market (in this case, houses), the price of that item will go up. In general, home prices have increased by 8% compared to last year. This trend may not be specific to your area, though, so you may have to do a deeper analysis to calculate your home’s value. 

5. Homes can’t be viewed. In light of the restrictions placed around home showings, we’ve created a process that allows buyers and sellers to transact virtually. In some cases, buyers didn’t even have to visit the interior of the property they bought. Whatever your concerns are, our virtual buying and selling process will ensure you’ll still achieve your real estate goals safely. 

Whether you’re buying or selling, we invite you to visit highperformancerealestate.com so we can help you get started. Whether you need a home equity evaluation or access to the newest listings, we’re here to guide you to the closing table. 

As always, if you have any other real estate questions, feel free to reach out to us as well. We look forward to hearing from you.