Fewer listings and showings are projected for real estate market

LOWNDES COUNTY, Miss. (WCBI) – Even during this pandemic, families are still searching for a place to call home.

In the real estate market, potential home buyers are the hunt to purchase a house for just the right price.

Fewer buyers and even fewer sellers. That’s the reality for some realtors across the U.S.

“We have potential buyers and they are out in full force and we have a lot of people who are looking online, so we’re doing a lot of virtual showings,” said broker Kris Davis with Re/Max Partners.

Davis said although buyers are interested in home showings, active listings are down nearly 15%, limiting their market inventory.

“We still do have a lot of buyers who are looking and taking advantage of some of the great interest rates that are available right now,” said Davis.

She said the company’s major lenders are even switching up the way to conduct appraisals.

However, Re/Max Agent Stephon Jones says before jumping to purchase a home, there are a few things to consider.

“A lot of loan companies, they’ll do a loan then sell the loan. With the stock market the way it is, a lot of investors who typically buy those loans are not buying those loans. They sitting and waiting to see what the market does because if they don’t have anyone to buy the loans they won’t make them,” said Jones.

And these changes in the real estate market are affecting the time it’ll take to close on a home.

“On our average days on the market are up by 20 days which is expected because we are having to get some extensions to close our loans. It’s usually Along the lines it’s more of 30 days when you make an offer to close on a home. We’re trying to prepare buyers that it may be more 30 to 45 days just so we can allow for additional time,” said Davis.

Future home buyers should call their bank and mortgage company when they decide to start the home buying process. Your employment status during the pandemic may affect your qualifications.