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Coronavirus and Real Estate
The coronavirus pandemic has affected how we live our daily lives, including the way we buy and sell real estate. With increasing calls for social distancing, Compass has introduced Virtual Agent Services (VAS) — an exclusive suite of marketing services offered to all Compass clients — which includes virtual open houses and neighborhood tours, dynamic digital listing brochures, enhanced 3D staging, and much more. VAS is a safe way to continue to share properties while promoting the health and safety of our agents and clients.
Mortgage Rates Remain Low
The Federal Reserve cut interest rates to near-zero, but mortgage rates won't drop to that point anytime soon. According to finance website Bankrate,
loan originators are overwhelmed with demand and need to raise their own rates in order to ensure that the loan remains profitable for them. However,
it's still a good time for many borrowers to refinance their mortgage and reduce their monthly costs.
Online Home Searches Surge
Google searches in the U.S. for “Should I buy a house” doubled in March from the previous month, according to Meyers Research. Low interest rates coupled with higher work from home rates could mean more people are starting new home searches online.