Happy Summer Everyone! I took a break from last week's report since it seemed many were on vacation, but the new numbers show buyers were not sitting back at all. The data once again demonstrates that people are still determined to find their next home and those buyers who are out looking are serious. As well inventory continues to be very limited across all price ranges.
I just read a great article on realtor.com about the hot real estate market. The article points out that nationally mortgage applications are up 33.2% year over year in the week ending July 3, 2020, but home listings are down 31% for the same week year over year. In terms of who is buying, they claim people with well paying jobs are saving money these days with less vacations, less spending on clothes and entertainment. This gives them a bigger nest egg to put towards a new home. That fact coupled with lower rates and the desire to be home more, are key ingredients to pump up home buying.
On the selling side, in my opinion, people are holding back on listing their homes because of the pandemic. Of course, builders are also backed up and having a hard time finding laborers so in turn new construction has slowed down. Those who were going to move abroad or to other states are now more tentative in their plans.
Typically, summer is a slower buying and selling period and there is a secondary real estate market that starts after Labor Day. It will be really interesting to see if that fall market is defined as its own burst or whether the brisk activity we are seeing now just keeps rolling into September.
I would also like to share two of my wonderful listings! Both located in Wellesley, are incredible finds for buyers- 26 Skyline Drive and 85 Ledgeways. Check them out!
Have a great week!
