The way we do life is changing drastically and quickly during this Coronavirus Pandemic, for people and business alike. The Real Estate industry is no exception. Some Sellers are deciding to pull
Local Market Insight
We believe the market remains greatly balanced between buyers and sellers. Buyers are locking in mortgage rates close to historic lows - the average 30 year fixed rate mortgage is hovering around 3.78%. These buyers are able and willing to spend more because the money is so cheap to borrow. This is supporting a median sold price of $350,000, which is a 1.8% increase over this time last year. Sellers are still benefiting from these rising prices, as well as low market inventory. Limited inventory causes buyers to pay a higher price when a good listing is presented to the market. While some may argue that a rising days on market (DOM) figure is indicative of a slowing market, we believe this is actually just over-confident sellers who think buyers have no limits to what they will pay. Sellers who price their listings in-line with comparable sales are still ringing in record sale numbers.
For most people, buying or selling a home is the biggest financial investment of their lives. Although it may initially seem overwhelming, it doesn't have to be. With the proper education and support....
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