Low Housing Inventory Leads to an Increase in Bidding Wars

Many changes are facing home buyers currently house hunting during the Coronavirus pandemic – most notably housing inventory. State and county restrictions directed towards protecting our health have led to new methods of interacting with realtors, loan officers, and home sellers. Virtual tours and meetings abound, and open houses are limited and require additional precautions. One of the most surprising impacts, however, is the very real shortage of available homes on the market. While demand for homes has declined, supply has declined much more drastically, leading to an unprecedented percentage of bidding wars.

According to Bloomberg, roughly 40% of homes received multiple offers, with the number jumping to 60% in some major cities. Bidding wars are most common in entry-level homes and decline in homes priced over $1 million.

A CNBC article states that home listings nationwide were down 29% in May compared to this time last year. This is thought to be due to the seller’s concerns over having others tour their home during the pandemic. Even with limited options on the market, many home buyers are seeing this as an opportune time to move, as mortgage interest rates continue to hit historic lows. Some experts also conjecture that increased time at home due to the pandemic restrictions are causing people to look for properties with more interior and exterior living space, driving even more buyers to the market.

In these conditions, it is more important than ever to work with experienced professionals to help find the right home and loan for you. It is important to know as soon as new properties become available so that you can have the chance to view them and decide if you want to put in an offer before they sell. Acting quickly on a home you want to purchase is imperative right now and becoming pre-qualified before house hunting can allow you to get your offer in on your dream home as soon as you find it.

To learn more about your loan options and discuss pre-qualification, please contact one of our experienced loan officers today!

Sources: https://www.bloomberg.com/news/articles/2020-05-20/bidding-wars-are-back-even-in-housing-market-stung-by-pandemic
https://www.cnbc.com/2020/05/20/coronavirus-bidding-wars-in-a-pandemic-housing-is-heating-up-fast.html

5 Tips for Moving During a Pandemic

Packing up and moving to a new home can feel overwhelming, but during the current global pandemic this feeling can be heightened with extra precautions to consider. Follow these 5 tips to make your move feel as safe as possible.

1. Decide whether to use a moving company

With all of us trying to limit social contact, and states placing restrictions on gatherings, it’s not the best time to rally all of your family and friends for a moving party. Moving everything yourself or with just a couple of helpers is doable, and arguably the safest option overall. However, if you have a lot of large items to move, limited time, or simply don’t feel able to do it yourself, it may be worthwhile to use a moving company. Most states consider movers to be essential, allowing you to lean on those moving companies in your area. Be sure to ask what safety precautions the company is taking to limit contact, and if there are any different procedures they need you to follow.

2. Clean your home before moving day

Thoroughly cleaning and disinfecting your home while packing and before moving helps prevent bringing germs into your new place. It’s also an important measure to help protect your family, friends, or movers who are in your home and handling your boxes and furniture. Cleaning companies may be available in your area, but again be sure to use caution when planning to have additional people in your home.

3. Keep social distancing guidelines in mind

Keep CDC guidelines in mind while moving, particularly if individuals outside of your immediate family are involved. Wearing masks, maintaining a distance of at least 6 feet from others, washing your hands frequently and avoiding touching your face are all great practices to keep everyone safe during your move.

4. Clean and disinfect your new home before unpacking

Ideally, the prior owners would have already cleaned and disinfected it for you, but in times like these it’s best to be sure! Thoroughly clean and disinfect using CDC recommended cleaning products before moving items into your new home or hire a cleaning company to do it for you.

5. Wipe down boxes before unpacking

Moving companies will often unpack items for you, but some homeowners are choosing to skip that step to limit the potential spread of germs. If you choose to unpack items yourself, wipe down the boxes with disinfectant wipes before opening them. Another option is to leave boxes in your new garage or basement for a few days if possible, until they are past the point where germs could survive on the surfaces.

Following these moving tips can help give you peace of mind, knowing that you’ve done everything possible to keep yourself and those around you safe. If you have any questions about moving or refinancing now or in the future, please contact one of our experienced loan officers today!

First Home Mortgage Named a Top Mortgage Lender

The results are in! First Home Mortgage has been named one of Scotsman Guide’s Top Lenders of 2019! Scotsman Guide provides comprehensive and verified rankings of mortgage companies across the nation. We are honored to be recognized as a Top Mortgage Lender and we thank our clients and partners for assisting us in achieving this huge accomplishment!

Not only was First Home Mortgage recognized as a company, but many of our Loan Officers were named Scotsman Guide’s Top Originators.

Matt Nader

Ryan Paquin

Jake Ryon

Scott Story

Jason Nader

Heather Devoto

Alex Jaffe

Tammi Lewis

Ayaz Rahemanji

Todd Pede

Jeff Stempler

Gabe Tuvek

David Toaff

James Moran

Kari Story

Ann Flaherty

Mike Taylor

Mike Nadeau

Mike Archer

Anne Borghesani

Santana Brown

Tom Cumpston

Jeff Halbert

Bill Payne

Darren Rickwood

Tim Sisson

Daniel Tinnin

Congratulations to all! Reach out to a loan officer in your area today!

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