ADRIAN, MI 49221
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Market Memo – March 2020 Data

Monday, April 6, 2020

TheWagleyGroup thanks you for staying connected with us during these trying times. Our entire staff and Realtors join you in praying that this pandemic will subside in the near future so all of us can get back to a sense of normalcy.

A quick look at TWG’s Monthly Memo indicates the Days on Market [DOM] for March has dropped solidly from February. The average listing price of inventory over the two month period has remained steady, although the average sold price dipped slightly. Finally, the list to sold ratio is climbing and that is welcome news for sellers. The demand for housing is still high. Potential buyers continue to engage the market through technology. Sellers are seeing more requests for virtual showings with the ‘stay home-stay safe’ mandate. Buyers are still writing offers after seeing a home virtually through their buyer’s agent.

The mortgage originators are taking pre-mortgage information electronically and most financial institutions continue to have drive-thru lanes open. Appraisers are not entering homes that are occupied but getting exterior information only. Some other appraisals are just “drive by” in nature. If homes are vacant, they are conducting normal appraisals with inside/outside detail information. In both scenarios, they also rely on MLS data for their analyses. Much of the new construction work has been halted based on a communication received 4-1-2020 from the Lenawee County Home Builders Association.

In response to the directive made by Governor Whitmer, #TheWagleyGroup’s office will remain closed until further notice. However, our Realtors and staff remain available by phone, text, email, or any other acceptable form of communication. We are interfacing with our clients effectively and setting appointments out now beyond the prescribed quarantine timeframe. This date might be a moving target, but nevertheless, we are confident that all of us will see this virus and the havoc it has caused from the rear-view mirror…hopefully soon!

We remain confident that when our economy is green-lighted again, the real estate biz will also rebound very well indeed. The Wagley Group is here to answer your questions and make the process of buying or selling property easy! Simply give us a call at 517-265-6000 or email admin@thewagleygroup.com!