A LOOK AT THE HOUSING MARKET WEEK ONE OF OUR RE-OPENING

Dated: May 18 2020

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We held our breath not knowing what to expect once the Governor allowed Realtors to again conduct normal day-to-day activities.  would our clients be too nervous to meet?  Would buyers welcome a chance to physically walk through a property, or prefer to see virtual tours?  Could all safety precautions prescribed by the Governor's Order be realistically instituted?

Well, thus far I would rate the reaction from buyers a "10".  Low mortgage rates have encouraged buyers sitting on the fence to make their move.  Showings have been crazy busy since May 7, even with the new requirements scaling back the number of people present during a showing (no more than 4), and the requirements for face masks, sometimes gloves, shoe covers and of course, social distancing.  Lenders are expanding loan programs and options making it even more attractive to purchase real estate now.  In several instances, appraisals are being waived.

Sellers continue to be a mixed bag.  Some are anxious to get their homes listed now.  Spring has arrived.  Their plans have been on hold.  These sellers know the market is hot and want the opportunity for a quick sale.  Others are hesitant, perhaps waiting to see how the gradual re-opening of our state will affect pricing in the market.  As of today, we are still classifying the housing market as a Sellers' Market, but that likely will not last.  Inventory currently is lower than buyer demand.  This should encourage sellers to get their homes listed as soon as possible, as we are again seeing multiple offer situations and offers exceeding asking price.  There are many safe options available for sellers who want to allow total access OR restricted access to their homes.  It appears advantageous to list sooner rather than later, as seller competition will undoubtedly heat up as quickly as seller confidence builds.

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Linda Fennell

Never before has it been as important to work with a knowledgeable Realtor during your real estate transaction. Today's housing industry is more complex, and requires the guidance of an educated prof....

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