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Here’s what our market looks like as it slowly returns to normal. Looking to buy a home? Click here to search for a home. Looking to sell a home? Click here for a FREE home valuation. Now that things are opening up, are we back to a normal summer real estate market? The answer is yes, we certainly are! We’re starting to see multiple offers on homes. The two main types of houses we’re seeing multiple offers on are remodeled homes in good condition and houses in lesser condition but priced well. Also, inventory has been increasing. Due to the pandemic, we did not see our usual spike of inventory in the spring. However, that has shifted, and compared to this same time last year, we’re up from 2.3 months to 2.8 months of inventory. However, it’s still a very tight seller’s market. We’ve also seen an increase in showings. The initial decrease in showing activity experienced throughout the country in the early weeks of the health crisis has now given way to modest signs of stabilization. We’re only slightly below the number of showings we had at this time last year. "It’s still a very tight seller’s market." The volume of sales has also increased lately, and a huge driving factor for that has been the low interest rates. Interest rates are hovering around all-time lows, which is more incentive for buyers to enter today’s market. Rates are currently around 3.48%, which is wonderful compared to the ‘80s, with interest rates at about 12.7%!
If you have questions about how the market’s doing or anything related to real estate, feel free to reach out to us. We would love to speak with you.
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If you have questions about our real estate market, today we have the answers. Looking to buy a home? Click here to search for a home. Looking to sell a home? Click here for a FREE home valuation. Here are our answers to the top three questions we’ve been getting asked about our real estate market:
1. Will the real estate market crash in 2020? No, and there are two reasons why. From 2005 to 2008, the years preceding the Great Recession, homeowners refinanced a total of $824 billion in home equity. From 2017 to 2019, they only refinanced $232 billion. It seems that we’ve learned from our previous mistakes, and banks have tightened lending standards and specialized loan modifications to ensure people stay in their homes longer. Second, Americans are sitting on a tremendous amount of equity overall. 58.7% of all homeowners have at least 60% equity in their homes, which means they’ll be less likely to walk away from those homes. 2. How do we ensure your safety when buying or selling a home? There are four ways we’re protecting buyers and sellers:
Additionally, if a buyer wants to see a house in person, we provide them with masks, gloves, and booties so that they protect themselves as well as the homeowner. 3. How have sales and pricing been affected in our area? In the 30 days leading up to this video, the volume of sales decreased by 36% year over year, but prices have risen 2.5%. This tells us it’s a great time to buy and sell. For sellers, there’s low competition. For buyers, interest rates are historically low. If you have further questions about our market or are thinking of buying or selling, don’t hesitate to reach out to The Buss Lampert Team. We’d love to help you. |
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January 2021
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