Tuesday, July 14, 2020 / by Kevin Kauffman
The first thing you need to know is that there were more properties under contract in June 2020 than were properties available to purchase. There were 13,321 homes under contract and just 11,232 homes for sale. We have a lot less inventory compared to last year, 36.6% lower actually.
Given these numbers and what’s happening, what does it mean for homebuyers and sellers? For sellers, homes are selling over asking price and many are selling with multiple offers. If your home is priced between $150,00 and $250,000, you have a 38% chance of selling over listing price, which is incredible.
Well, this means that it must be a bad market for buyers, right? Not necessarily. Although prices have gone up and things are more competitive, mortgage interest rates are as low as they have ever been. This is maximizing affordability for buyers even though prices are going up.
If you’re a seller, there hasn’t been a better time to sell in the last decade. Buyers have the same kind of opportunities because of the insanely low interest rates. You’ll need to be a little patient and work with the right team, but the opportunity is there for long-term savings and long-term appreciation as a homeowner.
If you have any questions for us about the market or real estate in general, don't hesitate to reach out via phone or email. We look forward to hearing from you.