Tips For Home Buyers in 2020’s Abnormally Hot Housing Market

By Buying November 17, 2020
tips-for-home-buyers-in-2020

Across the United States, a lack of housing inventory has created a huge seller’s market — that is, prices are on the rise and buyers may face bidding wars. If you are a buyer, you may be wondering how you can navigate through 2020’s abnormally hot and unprecedented housing market to fulfill your housing goals. Here are some tips for home buyers to help you get started.

Research your Dream Home & the Market

In 2020, many people have a renewed motivation to move, seeking extra space for a home office or virtual classroom, backyard, or home gym, due to extended shelter in place restrictions across the United States. If you are a buyer, you need to research your dream home. Know exactly what you want, as you are likely to face competition. Whatever your dreams may be, being proactive is about knowing what you want is important so you can grab it as soon as it appears.

Get Ready for Virtual Showings

Because of lower inventory across the nation, homes are moving quickly. Seeing a home virtually is your ticket to buying it. Virtual showings are one of the top trends during Coronavirus. Be open to falling in love with a home on video. You can see the home in-person later on to make your crucial final decision. Remote showings might be one-on-one or with other buyers, like a typical open house. When you do see a home in-person expect social distancing rules, masks, and hand sanitizer as the norm.

Prepare for Bidding Wars

Bidding wars are a reality of buying a house in 2020. In HomeLight’s Q3 survey, 87% of real estate agents said that inventory is lower than they expected it to be this quarter, compared to 47% who said the same in Q3 of 2019. Multiple offer situations are almost a guarantee at this point — more agents than ever (88%) say that bidding wars are on the rise or at their
peak. Several respondents in the survey described the situation as “insanely competitive.”

Expect Higher Prices

If you have your sights set on buying now, you might be paying more than the typical market value. The combination of a low supply of houses with robust buyer demand created rising property values across the nation. The percent of real estate agents
seeing home prices escalate in their area skyrocketed from 6% at the start of Q2, to a firm 81% majority in Q3, according to the HomeLight report. Top agents across the country are advising homebuyers to offer above asking price and make no requests for concessions or closing costs in this market environment. Many are going so far as to write letters, bid sight-unseen, and waive contingencies.

The best advice for buyers now is to stay positive and work with a real estate professional who has experience in the market that you want to buy in. They will help you navigate through buying a home during these unprecedented times.

About the Author
Corrinne-Loucks-828-real-estate
Corrinne Loucks, NC Broker/REALTOR® • 828-773-1615 • [email protected]

A Realtor® in Boone and the High Country since 2003, I am passionate about offering a superior level of service, innovative marketing and a highly personalized, boutique-style experience to my clientele. I started my real estate career as an Investor and was Broker-In-Charge of my own firm upon moving to Boone. Since that time, I have excelled with other real estate firms and built a strong network of client friends. Together with my network of professionals such as mortgage, insurance, inspection companies, etc. and my own Professional Home Staging business, (https://www.facebook.com/CenterStagedHomes/), we will polish your home buying/selling experience with your goals as a priority. I’ve lived all over the United States from the NE to the SE and California before landing in Boone, NC. You’ve seen the signs, “The mountains are calling and I must go?” Well, that was me 15 years ago! I love bluegrass music and, it seems, many of the great pickers were born in NC with a guitar in their hands! I sing, play a little mandolin and keyboards and you can be found at outdoor festivals and concerts when I’m not showing property! I also participate in many of our area’s outdoor activities, from hiking and biking to kayaking- the New river is my summer home! Caring for the needs of High Country residents is also very important to me and through Cornerstone Summit Church’s ‘Trenches’ team, I serve in many ways from preparing and serving meals at the Hospitality House to School Events to Habitat for Humanity Home Builds. In addition, I am honored to serve our community as a Certified Guardian ad Litem, advocating for children in the courtroom.

The High Country of North Carolina is unique, with large second home and student populations driving much of the market. It’s important that you work with a Realtor® like myself who is experienced and educated in the area, guaranteeing our success together. The acronyms behind my Broker title are not just letters - they stand for something;

GRI - Graduate of the Realtor Institute. Brokers holding this designation have completed 12, 3 day courses over a period of 2 years or more for in-depth training.

ABR - Accredited Buyer's Agent. An (ABR®) designation means your Realtor® has made extra efforts to raise the bar, with additional courses and proven experience in serving BUYERS.

SFR - Short Sales and Foreclosure Resource Certification. Short sales and foreclosures are not for the faint of heart and the courses I've taken arm me with the knowledge to assist clients in this area.

My business approach is founded on building lasting relationships based upon commitment and trust and the majority of my business comes in the way of referrals from past clients. Make me Your Realtor of Choice and work with a person you can trust to take your needs to heart and to find the perfect property for YOU in the HIGH COUNTRY!