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Summer 2020 Housing Market Update


Monday, June 15, 2020

SUMMER 2020 UPDATE

 The road to recovery

As the economy slowly begins to open back up, and many of us get back to work, experts are predicting that real estate has the potential to have a leading impact in the recovery process of our country’s current financial landscape. Housing has a significant impact on the local economy, which is one of the reasons it has such great potential to be the driving force in the turnaround.

What to expect from your local real estate market

According to the economics team at Realtor.com, national home sales will improve in July, August, and September. In reality, we are already seeing that improvement in Lenawee County since re-opening on May 7th.  We have seen an increase in new listings, as well as an increase in listing prices!  The number of prospective buyers is also on the rise. From a local perspective, we are already in front of the market turnaround!

The Wagley Group’s Lenawee County Monthly Market Statistics from April to May 2020 indicate that properties in the 12 school districts are better than holding their value. In fact, sold prices rose in the last 30 days on average across Lenawee County by $36,791.00. This is good news for home sellers! With the risk of new waves or spikes of COVID-19 in the winter, many will want to optimize on these summer months. Which means now is the time to list your home!

What does that look like for the general national market

As stated by Javier Vivas in the National and Local Housing Market Recovery, ”With overall inventory levels at historic lows and buyer interest high, sellers have regained confidence and leverage in recent weeks, which suggests that more price growth is likely ahead. As more buyers and sellers reunite and home showings regain momentum, age of inventory may continue to decrease and start reverting back to more normal seasonal trends.”

According to Danielle Hale, Chief Economist for Realtor.com, “despite job market weakness, homebuyer demand is strong according to our new Housing Market Recovery Index. The recovery index shows that while demand and prices are fully recovered nationwide, supply and pace of sales still have room to improve, but for the first time post-COVID all of the component indicators are improving.”

Navigating buying or selling a home under COVID-19 safety protocol

Now that real estate has opened back up there are a lot of questions surrounding the new health and safety protocols for buying and selling homes this summer. It’s no secret that the house-hunting process will look different than it did before the coronavirus pandemic came.  As real estate professionals, we aspire to do our very best to serve you to our utmost potential, while continuing to keep one another safe.

The health and safety of our clients is our top priority and we will ensure this by implementing government-recommended safety procedures at showings, maintaining social distancing guidelines, and utilizing masks, gloves, and keeping cleaning disinfectants accessible. We have listed the Michigan Requirements on our website, and please contact us if you have further questions about selling or buying a home under the current COVID climate.

The Wagley Group continues to do all we can to best serve you and assist you in achieving your housing goals. We know how much finding the right home means, and we assure you that even during this unprecedented time, we’re here for you.

 

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