November Housing Update
Listings are taking a beating. The most worrying aspect of this is when you limit inventory to only listings under $200,000 we hovering right around 100 total inventory to satisfy over half of the market demand! This has been a trend since the beginning of the COVID-19 Pandemic. Our inventory levels are essentially cut in half from when this all started, and it's even worse than that as I just mentioned in high demand sectors of the market.
Now, while this is considered an unhealthy market state for real estate as a whole it is not all bad. For sellers in high demand price ranges it's one of the strongest seller's markets in a long time. For buyers mortgage rates dropped again recently to all new historic lows. With a COVID-19 vaccine now approved I believe we will see more people looking to sell their homes in the months to come. The inventory levels won't recover overnight and we will be in a seller's market for a while. Many buyers simply can't find a home they want to buy due to these inventory levels or with multiple offers being more prevalent aren't the winning contract.
Navigating that market with professional guidance is still the key. An aggressive and accurate pricing and marketing strategy will you get the most value for your property. Our Better Homes and Gardens Real Estate Senter, REALTORS agents are constantly reviewing market conditions and are here to guide you to maximizing profit in your real estate transactions. As buyers you need to understand how prices are fluctuating in different markets to have confidence in your offer and in navigating multiple offer situations.
We are here for you as we have been for over 60 years. Whatever your goals, challenges, or needs in real estate are during these tumultuous times put our "Tradition of Trust" to work for you and to have the advice and guidance you deserve. Stay safe and happy holidays!
-Shay Senter, President BHGRE Senter, REALTORS(R)