Our market is active, and it’s a great time to act. Is it right for you?
In the spring, there was what can be best described as a brief pause in the market, as we all tried to assess the scale and severity of what was going on with the global health crisis. The subsequent stay-at-home orders affected nearly every industry, but thankfully real estate was considered an essential business.
We made modifications to how we show and sell properties; we’re still not holding any in-person open houses, and we’re exercising adequate caution when showing homes. Only qualified and pre-approved buyers are being allowed into homes, which has consequently made ours a more efficient market.
For my listings, we’re taking advantage of amazing 3D virtual tours and open houses. Using this cutting-edge technology, we sold some great properties to out-of-state buyers who never had stepped foot in them.
“We’re still not holding any in-person open houses, and we’re exercising adequate caution when showing homes.”
The data as of May 2020 shows that the median sales price is up 3%. Pending and closed sales are down 2% and 3% respectively, and single-family home inventory is down 42% from last year. Demand remains high and healthy, but there’s just not a lot of homes to choose from at the moment; 2020 has exacerbated the inventory issues we were already facing in 2019.
Many of us are working from home, and children are either being home-schooled or participating in a remote learning program. A lot of us have suddenly found ourselves needing a more private workspace where we can be productive—a dedicated zone away from all of the distractions of home life. The kitchen is now being used for three meals a day, and the backyard area, be it a patio or pool, has become a refuge. While employment situations in the nation keep changing, it’s clear that the home layout we desire is also changing.
It’s wrong to assume that the market is bad right now; truthfully, there’s a ton of activity. If you’d like to talk more about whether entering the market is right for you and your situation, don’t hesitate to give me a call. I have some ideas, and I’m always here to help, even if you just need some basic questions answered. I hope to hear from you soon!
