Today we’ll address and debunk three myths about COVID and real estate.
Welcome back to episode 15 of “The Central Iowa Real Estate Scoreboard!” Today we sat down to address and debunk some common misconceptions about COVID and the real estate market.
If you haven’t yet been active in the real estate market, you might assume that no one wants to buy or sell real estate during a pandemic. However, if you have been in the real estate market, you’ll know how untrue that assumption is. In fact, there are three misconceptions about the real estate market amid the pandemic that I’d like to dispel today:
Myth No. 1: It’s a bad time to sell.
That’s just not the case; it’s a great time to sell. Week after week this year, demand has vastly outpaced inventory in our market. Supply and demand drive home prices, so if you’ve been thinking of waiting until the pandemic is over to enter the market, remember that no one really knows when that’s going to be. We would love to speak with you about what’s going on in today’s market; I guarantee that you will be pleasantly surprised.
Myth No. 2: Home prices are dropping.
In truth, home prices are on the rise. I love the central Iowa real estate market because we don’t have the dramatic highs and lows like other parts of the nation. At the same time, homeowners are gaining equity quickly here, especially those with homes in the median price point between $180,000 and $300,000. Even if you only purchased your home in the last three or four years, you might be surprised to learn what your home’s value is in today’s market.
Myth No. 3: Everyone is rushing to the suburbs.
You can see based on how quickly homes are being snatched off the market in downtown Des Moines that that’s not the case. Some people have made changes in what they’re looking for in a home due to a shifting lifestyle, and smaller communities and suburbs are something that many families are excited about. However, the trend of young professionals being drawn to downtown areas is still going strong, as well as empty-nesters who want a change of scenery.
If you have any questions about buying or selling a home in today’s market or you’d like to learn more about the market in general, don’t hesitate to reach out to me. I’d love to help you.