CHICOPEE, Mass. (WWLP) – If you’re looking to buy or sell a home right now, the COVID-19 pandemic is definitely a significant factor.
Here in the Pioneer Valley for the month of June the median price for homes are up while sales are down. According to the Realtor Association of Pioneer Valley compared to this time a year ago the median price for homes in this market is up 6 percent while sales are down 18 percent.
One of the more significant numbers and results of COVID-19 is the inventory of houses on the market. Inventory of available property is down 53 percent from a year ago.
22News spoke with Benton Real Estate who said this trend is causing an issue of supply and demand.
“A seller who would usually put their house on the market and upgrade to the next level of a home, they’re uncertain right now and not putting their property on which is causing an entire supply and demand issue. Where as inventory levels are super low and there is a large pool of buyers which is causing issues.”Benjamin Benton, Benton Real Estate
Benton said the large pool of buyers is due to low mortgage rates and the increase of millennials looking to buy a home.
According to the Realtor Association of Pioneer Valley, a 30-year fixed mortgage rate is down by .7 compared to a year ago.
Sue Drumm, President of The Realtors Association of The Pioneer Valley, told 22News most rates have been as low as 3 percent. Just as the mortgage rate has gone down so has the amount of contact between the realtor and client.
“You and your realtor will have to wear a face mask, gloves, maybe shoe covers and limit the amount of surface touching in a property. We’re also limiting the amount of showings on properties especially in open houses where we’ve been limiting the amount of people who go in at once,” said Drumm.
Drumm said historically the housing industry has been a catalyst in helping the economy recover.