Are you thinking about selling a house in Lancaster during 2020? Below we discuss some of the changes that we’re seeing in the Lancaster and Central PA Real Estate Markets in 2020. Given the strange year 2020 has been already, there’s the chance these may continue to evolve. Stay tuned to our blog to get additional updates on the Lancaster County real estate market throughout the year!
The Impact of COVID-19
This one is pretty obvious to everyone. The COVID-19 epidemic has shifted life as we know it in much of the country. This is especially true in real estate and in Pennsylvania specifically. The Governor of Pennsylvania deemed Real Estate as a “non-essential” business activity which put a stop to basically all of the conventional buying and selling in PA. This is leaving many people in a state of limbo as they may need to move desperately, but have no way to do so right now. Once the real estate market opens back up, there is a good chance that buyers will be frantic to find homes to purchase and because supply is already low they may have issues. Some sellers will also be looking to sell their properties quickly. This could lead to a very active, almost explosive, market upon reopening.
Low Interest Rates But More Hoops
In an effort to stimulate growth in the economy of the US, the Federal Reserve has continued to lower interest rates. Even with interest rates where they currently sit, homebuyers are finding loans with interest rates at 50-year lows. That said, many lenders are tightening requirements for loans since the COVID-19 crisis. You’ll likely need a good credit score and more cash upfront than you did in 2019. That said, if you’re considering a move, it may be the right time to sell your house fast in Lancaster. You can then put your selling proceeds down on a new house, and finance at some of the lowest rates in our lifetime. If you have been thinking about selling your house in Lancaster to find a house that’s a better fit for you and your family, there may be no better time than the present!
Agent Investor Hybrids
Agents are bringing more to the table than just listing houses or taking buyers to see available properties. More and more agents and investors are working to offer multiple solutions to Lancaster homeowners who need to sell a house fast. Real Estate Agents are realizing that they have more to offer sellers than just listing their house and that the ability to cater solutions to a specific client’s needs is critical. Home sellers in Lancaster like to have multiple options that fit their needs to sell their property. Companies like We Buy Lancaster Houses offer a number of different solutions for whatever your requirements might be. We’re always happy to help you find the right solution for property in Central PA.
Low Inventory Continues
There continues to be a lack of housing stock in Lancaster County and Central Pennsylvania. Sellers are often holding on to their properties for various reasons, so buyers are competing for a very limited supply. Because of this, sellers have had very good luck selling their houses quickly if the properties are priced properly. This includes multiple offers in many cases and sometimes above the asking price!
Baby Boomers Are Selling
Baby boomers all over the country are beginning to sell off their unwanted properties. While some are moving into assisted living, others are downsizing to more reasonable homes or condos and are especially keen on HOA communities where their lawn care is handled for them. Many are now emptynesters and maintaining a large home, much of which isn’t even used, is a burden. With less to clean, maintain, and pay for, baby boomers all over the Lancaster area are exploring the benefits of a fast sale. If you are a homeowner who’s over 60 years old and are ready to sell your house in Lancaster for a property that’s a better fit for where you’re at in life, we know exactly how to help. We make the process of selling incredibly easy and our team can even help you find a new home that’s right for you!
Do you have more questions on how the changing real estate market might affect you when buying or selling a house in Lancaster? We’d love to help you and answer any questions you might have!