The State of Real Estate During COVID-19
Real estate across the country
The housing market continues to show slow, but steady improvement as we near the end of summer. With such a strong demand for housing, lower inventory numbers are resulting in higher home prices. Realtor.com reported in their July 2020 Trend Report, “overall housing market activity has returned to the January pre-pandemic pace. The increase was driven by buyer traffic, home price growth, and faster time on the market. The number of new sellers still lags, but continues to improve.”
Although, not all forecasters believe this will last. “There’s a severe lack of homes, both in the new market and the existing market, “says Mark Zandi, chief economist at Moody’s Analytics. He adds that the housing market has, “navigated the pandemic remarkably well, and there are some very solid underpinnings. It’s just going to cool off a bit later this year.”
Overall, the market is strong, mortgage interest rates are still extremely low, and we are anticipating this to continue throughout the remainder of the year.
Real estate in your local market
In Lenawee County, we are seeing a lot of positive activity, particularly with our seller’s market. As we reported in our July 2020 Market Memo, we saw an increase in sold properties and the list to price ratio. This is great news for anyone interested in selling their home!
As has been the case for several years, Lenawee County needs an increase in the number of houses listed for sale, as buyers are enthusiastic and eager to make offers. Buyers should consider all factors before purchasing and not feed into the pressure of buying a home that doesn’t end up fitting their needs.
We’re seeing a high demand with 50+ buyers searching for ranch-style homes, as well as condominium developments, which are now gaining more positive attention. With properties that are priced right, we are seeing multiple showings and multiple offers with some that include escalation clauses. Please call us with questions you may have today!
If you are considering buying or selling, call us first and we will help you strategize on a game plan on where you are headed next!