So much has happened in the world in the first five months of 2020, that you may want to just turn back the clock and say, “Do-over!” People seem to be on edge, routines are off-kilter, no one knows what day of the week it is and yet, real estate is moving right along!
Covid-19 did play some havoc on our market, almost like pushing the “pause” button for about seven weeks, but if you have kept your eye on the housing market, you’ll see that with our state opening back up for business, we are back in business with a vengeance!
For homes priced below $500k, there is a shortage of homes and if they are priced appropriately, they are selling quickly and often with multiple offers. Our luxury market is taking a bit longer to recover from the hiatus caused by Covid, but we expect that going into the summer, those listings will recover nicely as well.
One might think that with all the uncertainty of 2020, that prices would decline, but unfortunately for buyers, that’s not the case. Home prices (under $500k) continue to rise at a nice rate of appreciation. I guess it just goes to show that even in an uncertain time, people need a place to call home, and with interest rates still at record lows, it’s still a great time to buy a home!
If you are thinking of buying or if you have a property to sell, we can help!