Spring is often the best time of year to buy or sell a home, but the COVID-19 pandemic slowed real estate transactions this year.
The National Mortgage Bankers Association reports mortgage applications plunged almost 30 percent last month.
MIBOR is the professional association representing central Indiana's realtors. CEO Shelley Specchio says agents have now found virtual solutions.
“Virtual is the key. We’ve put in new fields to allow agents to put in when they are going to have their virtual open house," Specchio says. "We are seeing the virtual numbers on all the real estate websites skyrocketing.”
Local sellers have continued to list their homes during the pandemic. With real estate deemed an essential Indiana business, buyers and their realtors have continued to view active homes for sale with national safety precautions in place.
Specchio says she's optimistic the real estate market will rebound once people return to work and the economy starts to recover.