Today a prospective client asked if I thought things will slow down as we head into the July 4th week. I really don't think so. Looking at this week's data of sales vs. new listings, the number of houses that went under agreement outpaced the number of new properties that hit MLS across all price ranges in most of our towns. The demand still seems to be so much greater than the supply and I can't imagine that coming to a screeching halt. My daily incoming texts are as much from other brokers asking if I have any new listings, for their buyers, as they are my own buyers hungry to move forward. The desire for people to get into their new homes, to get out of the city, or to move this area is stronger than the confines of a calendar year and an approaching holiday. Yes, traditionally I would be preparing for beach days and a slower pace right now, but this market feels like the height of our typical selling season in April or March and I am happy ride that wave even if I am not at the beach.
I was reading an article today on realtor.com which stated that some think a strong housing market will help the economy recover faster. It pointed out that when people buy a new home they will need furniture and other goods and services. It also stated however that, "many economists question how long the housing rebound can go on if unemployment remains high and the economy struggles to recover from the pandemic."
Regarding interest rates, the article quotes senior economist Jennifer Lee of BMO Capital Markets as noting, “Interest rates are going to stay low for a long time, but they are staying that way because of record numbers of unemployed. And that will be the biggest constraint on stronger housing activity.”
So, if you are thinking of selling your home and price it realistically now is a great time to do it! You will reap the benefits and most likely have a strong and swift sale. While clients want things to move at a traditional pace we still do see some constraints because of the pandemic- town halls are slow to respond with answers to questions or concerns and attorneys are reporting a back-log for title searches. Fortunately though, as I have reported, the reputable banks are getting things done on time.
Happy Father's Day to all the dads out there. I hope you have a wonderful day. Until next week.....be safe and happy!