Covid-19 can't kill real estate sales

Low interest rates spur more local home sales

Posted 7/28/20

Home sales are booming despite the pandemic.

Lexington County real estate sales people report rising sales.

1 told the Chronicle she alone closed 6 home sales this month.

Some said the …

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Covid-19 can't kill real estate sales

Low interest rates spur more local home sales

Posted

Home sales are booming despite the pandemic.

Lexington County real estate sales people report rising sales.

1 told the Chronicle she alone closed 6 home sales this month.

Some said the trend started in March when they feared covid-19 would chill the housing market.

Low interest rates and fewer homes for sale has spurred buyers' appetites.

“We haven’t seen any decline in buyer activity,” said Dustin Johns, founder of Resource Realty Group in Lexington.

“Houses are selling for full price, day one," he told Columbia Regional Business Report.

"You get a lot of multiple-offer situations. People aren’t hesitating to make an offer.

"They know to make an offer fast because the property’s selling fast.”

According to bankrate.com, the average interest rate for a 30-year fixed mortgage was 3.24% July 8.

For a 15-year fixed mortgage, the average interest rate was 2.75%.

In March, those numbers stood at 4.05% and 3.39%.

Johns said buyers have more power than they might elsewhere.

Most agents offer commissions of 5% to 6%.

Resource Realty Group offers a flat $2,800 commission on home sales, regardless of price.

“Since we started doing that in 2017, our business has almost tripled every year,” he said.

“It’s full-service. There’s nothing different about it in what we provide. "

Houses are scarce in premier locations such as Lake Murray.

Buyers want more backyard recreation options since health restrictions have curtailed travel.

"Lexington would be probably one of the hotter markets, Chapin right behind it," Johns said.

Buyers want more space and houses with home offices.

The pandemic has altered how buyers see properties.

Video tours have surged in popularity though some want in-home visits with added precautions.

Johns said closing home sales has changed.

“Most agents don’t attend closings anymore,” he said.

“You park in the attorney’s office and the paralegals come out and hand you documents and pass them from one car to the next.

"The attorney notarizes it and off you go.”

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