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

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
I am a native of Knoxville, Tennessee, but I have been in North Carolina since1997 when I moved to Boone to attend Appalachian State University. I earned my degree in Theatre Education and Communications. While at ASU I met my husband, Matt Long, a Boone native and general contractor, and gained a heart for these mountains and my beloved ASU Mountaineers. After graduation, I spent 5 years teaching in Charlotte before being given the opportunity to move back to the High Country. In 2007 I earned my NC Real Estate License and began in full-time brokerage. In 2010 I helped to open a franchise brokerage in the High Country. I gained impactful knowledge and built important relationships during my 8 years there, but began to feel the calling to get back to my roots.

In June of 2018, my dream became a reality when I opened 828 Real Estate. We are a boutique brokerage that is locally focused, community-minded and client-driven. I feel so fortunate to be in a career that I love, have opportunities to serve wonderful clients, and get to work with the best team here at 828 Real Estate.

I am a member of The High Country Association of Realtors, the North Carolina Association of Realtors, the National Association of Realtors. I am a member the Boone Chamber of Commerce and I am on the board for the Downtown Boone Development Association. I have also completed the Realtor  e-Pro certification that specifically focuses on the technology tools needed in the purchase or sale of a property. Additionally, I have earned my CLHMS Designation. (Certified Luxury Home Marketing Specialist) and a qualified Affiliate. Over the years I have been awarded various Top Producer Awards. I am honored each year to be invited to the Top 50 Brokers in the High Country celebration.

My husband and I reside in downtown Boone and have 2 beautiful children, Sadie Rose and Levi. We attend Alliance Bible Fellowship and stay connected by serving the community and supporting local non-profits like Western Youth Network, The Appalachian Theatre and Valle Crucis Community Park. We love to spend time outside hiking, playing on the river, running with their dog, Emmie Lou, hitting the slopes and making the most of our time in this amazing place we get to call home!