As an Agent, I didn't know how the market would do with this "Global Pandemic" that we are facing. Honestly, right now things don't seem to be looking too bad, recent research done by Lending Tree has shown that property searches had rebounded by 54% by the end of April. So what exactly does this mean? Well, most people are thinking that there will be some "Great Deals" coupled with attractively low-interest mortgage rates. So why not take a little gander into the housing market? See what is out there, and how things are priced.
The median sales price has increased from 94% in the first quarter of 2019 to 96% in the first quarter of 2020. Home prices for the first quarter of 2020 are at $274,600 which is an increase of 7.7% since this time last year. This may not seem huge, but with the ongoing Covid-19 happening, any growth is good. Seeing as no one really knows when relief will come, or where their jobs will be when it is over.
Phase 1 of reopenings happened this past Friday, and it was great seeing people out and about stimulating the local economy. Although restaurants are only able to do outdoor seating, with social distancing, of course, people still flocked to get out of the house. Menus are online, the wait staff wore masks and gloves, but no one seemed to mind. With live music and beautiful weather, what did it matter?
Hopefully, this is a sign that things may return to "Normal" here soon, where we will be able to do more in-person showings, more client sit-downs, and proceed as we always have in the past.
**This blog contains short cuts to some articles where I gathered some of my information, along with a photo courtesy of Google Images.**