The impact of coronavirus mitigation efforts becomes more clear as March home sales numbers are released. Both new and existing home sales declined after stay-at-home orders were put into place mid month. Now, the National Association of Realtors' Pending Home Sales Index shows that the number of contracts to buy homes also suffered significant declines. In fact, pending sales – which refer to contract signings, not closings – were down 20.8 percent month-over-month in March. Lawrence Yun, NAR's chief economist, says falling sales are a temporary problem. “The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts,” Yun said. “As consumers become more accustomed to social-distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.” He may be right. Surveys taken over the past few weeks have shown increasing interest among Americans hoping to buy and sell homes. They've also shown prospective buyers and sellers have a willingness to adapt to necessary changes to the typical buying process. (source)
Buyers and Sellers in Eastern, NC are adapting very good to the new protocols put in place with the Coronavirus and are working with agents, like the ones at First Carolina Realtors, and seeing homes and purchasing or putting their home on the market. These new challenges have been tough but with the help of an agent, all the necessary steps can be taken and the process can be done. To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.
