According to recent Bankrate article, the home appraisal process has changed during the pandemic.
As states start to lift restrictions, more people are resuming their search to buy a home. Mortgage Bankers Association’s Purchase Index shows the sixth consecutive weekly increase in purchase applications and a jump of 54 percent since early April. While new home sales also rose in April, seeing a gain of 0.6% from March according to the Commerce Department.
The global coronavirus pandemic, which inspired a national lockdown several weeks ago, is expected to continue having an impact on the economy long after it ceases to become a national threat.
Spring typically ushers in the peak season in the housing market and open houses. However, most states are under 'stay at home' orders. National Association of Realtors (NAR) has called on realtors to examine how they can continue to provide essential services to clients while demonstrating care for their well being. In many states, real estate has been categorized as essential services, and that means that home sellers and buyers can continue to take advantage of above-average returns and low-interest rates.
The National Association of Realtors® April Economic Pulse Flash Survey revealed that ninety percent of members feel there is a decline in buyer interest due to COVID-19. However, many people still need to sell their homes if they are relocating for a job, need more or less space, or financial circumstances have changed.