We are quickly approaching the end of summer and transitioning into the fall season and market. I wanted to touch on the market and give some insight to what I feel we may see in last 4 months of 2020.
This summer we saw a much busier market than initially anticipated and two of its main drivers were attractive interest rates and pent up demand combined with lower inventory. This was especially highlighted in the price band under 1M. Much shorter days on market, fast paced and multiple offers were the norm since June and as I film this video the market shows no sign of this trend slowing down.
To give you an idea, total sales in July were up 44% in comparison to July of 2019 and almost 26% higher over the ten year average so it is safe to say the market is active and significantly ahead of what many forecasted.
As I briefly mentioned earlier, this trend shows no signs of slowing down. Lack of inventory, pent up demand and historically low interest rates are all market conditions attributing to a seller’s market and I feel this will continue until the end of 2020.
So, what does this mean for you? Well it depends on what side of the fence you sit on.
As a seller you want to make sure your home is prepared, priced right and ready for market. It’s a misconception that a house will always sell in a hot market. Without the proper game plan, you might find yourself sitting longer than you anticipated. Also, If your home is not showing to its full potential you may end up taking significantly less in comparison to having a proper plan before hitting the market. You want to make your home a MUST SEE in the eyes of the buyers.
As a buyer it is now more important than ever to ensure your pre-approval is active, recent and there are no major outstanding conditions the lender requires. Just this alone with strengthen your offer and position you well if you end up in a multiple offer situation.
Want to know more about your local real estate market? Contact me!