Real estate sales going fast during coronavirus crisis

BOSTON — Finding a dream home may be a nightmare and not because the real estate market is bad but because it’s very good. And that’s despite the COVID-19 stay-at-home advisory in Massachusetts.

Sheryle DeGiralamo owns Kensington Real Estate Brokerage in Attleboro. She tells Boston 25 that inventory is low and houses that are on the market are going fast. She explains one client actually got into a bidding war saying, “And at the end of the day, she had 19 offers on that property and I haven't seen double digits, you know, offers in my area for some time.”

One reason for that is low interest rates, according to Virna Brown, a mortgage specialist.

“Applications are up, buyers are up," she said. "We’re also seeing a little bit of the loosening of lending guidelines, which were tightened for a bit.”

The coronavirus has caused some to be cautious about listing their home so that means fewer houses are on the market and prices are not dropping.

“Now all this demand is out there but there’s not enough inventory to support the demand," Brown said. "So, you’re having bidding wars. I’m seeing people making offers that are not getting accepted.”

But these days those price wars are now done online via email or zoom. Some realtors do virtual tours instead of in person showings because of coronavirus restrictions. And some houses get sold sometimes without the buyer ever stepping a foot inside.

“So I see this from a realtor perspective that we’re much better equipped to handle the needs of our clients, to negotiate offers with our seller clients, so they don’t have to come out,” DeGiralamo says.

Oscar Real is moving to Attleboro from Florida. He and his realtor, Marina Sparages from Coldwell Banker used Zoom, Facetime and WhatsApp to view properties.

“I was able to look at all the features I was looking for and she went to several houses until I was able to nail down the one I was looking for,” Real said.

Eventually he did. His family will soon be relocating from Florida.

So, if you want to sell you’re in luck. The experts say the summer will be hot, which is also a plus for the economy.

“The interest rates are so wonderful right now, and the economy, people that predict what’s going to happen. I’m very confident that they’re going to stay low. So it’s very good time,” said DeGiralamo.

Download the free Boston 25 News app for up-to-the-minute push alerts

>> Complete local and national coronavirus coverage here

RESOURCES:

- Massachusetts Coronavirus Information

- Boston Coronavirus Information

- Follow us on Facebook and Twitter | Watch Boston 25 NOW

- Download our free apps for your phone and smart TV