What’s going on in the market as we reach the midway point of 2020?
In terms of showing activity, things are pretty consistent across the board. When a home first comes on the market, we’re seeing an initial surge of showing activity due to our low inventory. What’s interesting, though, is that as showing activity returns to normal, it can feel a bit deflating—even though it’s what we usually see in a regular market.
In general, homes are selling at a very nice rate, but the speed at which they sell differs slightly. Some sell the very first day they’re listed, some snag multiple offers after the initial surge of showings, while others revert to a more normal selling timeline if they don’t sell during the initial surge.
Inspections are a particularly important point to be aware of in our current market if you’re a seller. Some are going off without a hitch because the buyers are asking for minimal repairs, but others are almost derailing transactions because the buyers are requesting much larger repairs (e.g., fixing the roof or deck). A lot of this depends on the comfort level of the buyer, but in most cases, we’re seeing one end of the extreme or the other.
Lastly, in addition to low inventory, we continue to see incredibly low interest rates that are driving buyer activity. These two factors are keeping prices stable (if not causing them to increase).
As always, if you’d like to know more about our real estate market or you’re thinking about buying or selling a home soon, don’t hesitate to reach out to us. We’re here to help.