Here’s what our market looks like as it slowly returns to normal.
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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.