Demand is likely hitting it’s peak 📈 and has started to level out before it will most likely start it’s traditional decline by the end of August as kids start to go back to school🎓(in-person or virtual).
However, this doesn’t mean we are going to fall out of a seller’s market anytime soon. Interest rates just hit another all time low ⬇️ and actually fell below 3% for the first time ever this week 😮, supply is lower in July than it has been since 2004, and demand is higher than it’s been in July since 2012. This is all resulting in the hottest 🔥seller’s market we have seen in over 8 years.
BUYERS: Although it’s discouraging to hear how much the current market favors the sellers, don’t give up! When you are able to find a home, even if it takes 10 different offers, you will be locking in the lowest interest rates ever seen👏🏻👏🏻👏🏻. Your mortgage payment will be lower ⬇️ for the same priced home that it would have been just 6 months ago, and over the life of your loan, you will end up saving thousands of dollars💰💰.
If you are waiting for home prices to crash 📉before entering the market, the data just doesn’t support anything like that happening any time soon. Inventory and interest rates are just to low ⬇️. If the country starts to pull out of this pandemic🦠, interest rates will most likely start rising ⬆️ again and that will price you out of some of the homes you can currently afford right now.
SELLERS: There are only a few weeks left before demand will start to slowly fade. Because inventory is still low it will most likely be a seller’s market for the rest of the year, but you will start seeing a decrease in traffic 🚦as we get closer to the end of Summer ☀️and kids go back to school🎓.
Having an agent that is an expert in digital marketing 📱is extremely important as open houses are still not allowed. It’s also extremely important that you price you home correctly. Some sellers are placing their homes on the market at prices that aren’t in-line with current market value and those homes 🤔, even in this current environment, are sitting on the market for months before the seller eventually lowest the price. This usually results in the seller getting less for their home than they could have if they priced it properly the first time.
