At Home With Lisa-What could omicron mean for buyers and sellers

This one crept up on us pretty fast.  Unfortunately,  we are getting a slight repeat of last year. Omicron has thrown a curveball into our daily lives.

The uncertainty surrounding the variant “could force some people into paralysis and hibernation,” says Norman Miller, a real estate and finance professor at the University of San Diego. If omicron proves to be dangerous, it could push some potential home sellers to hold off and hunker down instead and buyers to wait out the worst of it.

But the pandemic is no longer new and the buying and selling process has already made necessary adjustments. So homebuyers may be more willing to continue looking—and to ultimately purchase a home.

“We’ve had a year and a half to practice virtual tours … and marketing. Some Realtors have learned to take their phone and go give a tour and let the buyers stay home,” says Miller. “We’ve taken some of the fear out of the process.”

On the flip side, omicron could wind up juicing demand for homes, particularly if it’s more dangerous than recent variants.

People could go back to working from home, and returns to the office may be delayed further, leading folks to want more space once again. It could also result in additional homebuyers feeling more comfortable moving farther outside of cities where they can get more house and property for their money.

“People are going to be looking for houses where they can work from home,” says finance professor Jandik. And if fewer sellers list their properties and demand rises even more, that could lead to prices surging once again.

Even with the severe housing shortage, the pullback in inventory may not be as disruptive as the holiday season and winter months are normally a slower time anyway. The next rush of homes isn’t expected to go up for sale until the spring. The hope is the variant won’t be a threat by then.

If you would like to learn more about how the variant may affect mortgage rates, follow this link.  All of this info can be found on Realtor.com

I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® and PSA® in Anne Arundel and Queen Anne . I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200.