With so much bad news amid the outbreak of the novel coronavirus, the real estate industry has been a surprising bright spot. During the initial weeks of lockdown and uncertainty, both buyers and sellers withdrew from the market across the country. However, since May, there have been more Sedona homes for sale and more buyers looking for them. Interestingly, it’s the Millennial generation--those born between 1981 and 1997--who are making up the biggest share of home buyers.
It’s a Great Time to Buy or Sell Sedona Real Estate
Several factors are at work in creating a robust re-emerging Sedona real estate market. First of all, because of the mortgage forbearance program rolled out at the beginning of the shutdown, we have not seen a surge in foreclosures. This means that prices have not taken a big hit. In fact, home prices are seeing modest increases in comparison to 2019.
Secondly, many people who wanted to move in March or April put off their plans until restrictions were lifted. This means they’ve been stuck in a house they already wanted to leave for several months. Both buyers and sellers are very motivated.
While many people put their moving plans on hold, not everyone did. The real estate industry was very fast to respond to the changing environment. Many agents, our team included, put up virtual tours of Sedona homes for sale. We offered and continue to offer virtual meetings over Skype, FaceTime, and Duo. We already have a website with many tools for home buyers to find just the right house. We also do lots of online marketing for our home sellers.
Home prices have stayed steady or increased, but mortgage rates are down. This is very enticing to buyers. For lots of buyers, it makes sense to lock in a low rate. In addition, the economic impact of the coronavirus has been uneven. People who could do their jobs online have been least affected by layoffs. Some companies are considering allowing remote work for the long-term, so people are able to move wherever they want.
Our office is open and ready to help you buy or sell a house in Sedona. We are set up to do both virtual and in-person meetings. Give us a call so we can get started!