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Housing Demand Above Pre-Pandemic Levels

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If you’ve tried to buy a house during this time, you may be surprised at how quickly viable homes are being snatched up. Despite the pandemic, housing demand continues to rise. Some experts indicate it is 25% above pre-pandemic levels.

Homes are selling at higher prices in part due to new listings being down by an average of approximately 27.1% from a year ago, as Zillow reported. The following chart shows the decreased percentage of listings for key cities in each state. With more buyers than sellers, this low inventory has obviously maintained an optimal seller’s market.

While the quantity of stock is lower than last year, there are different predictions for how the second half of 2020 will pan out as well as the beginning of 2021. For buyers, there may still be heavy competition for a home, but the upside is the low mortgage rates that are likely to remain. For sellers, the low stock should continue to create low competition, setting the homeowner up for a higher likelihood of finding the right buyer. Throughout this selling season, and in the foreseeable future, people are adapting to key methods like 3D home tours, video vignettes and better photography. Taking advantage of those tools can help make the process successful.

Having a network like FFREIA on your side during an unpredictable market is important. Not only will you have educational resources available, but it connects you to the experts needed for every step of your real estate investing journey.

Make sure to check out the upcoming events below!

 

Resources:

https://www.zillow.com/research/new-listings-fall-coronavirus-26808/

https://gvltoday.6amcity.com/newsletters/june-22-2020-upstate-real-estate-market-blm-mural-in-the-upstate/

https://coldwellbankercaine.com/answering-your-real-estate-market-faqs/?utm_source=GVLtoday%20Master&utm_medium=email&utm_campaign=conversation&utm_content=market%20faq

https://www.daveramsey.com/blog/housing-market-forecast

https://www.noradarealestate.com/blog/housing-market-predictions/

 


Upcoming Events

June 25: Landlord Support Group at 7 PM

July 2: AREIS at 9 AM

July 9: Landlord Support Group at 8:30 AM

July 9: Main Monthly Meeting at 7 PM

July 16: AREIS at 7 PM

July 23: Landlord Support Group at 7 PM



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