As I am writing this, the world is focused on the presidential election--another 2020 event filled with twists, turns, and the unexpected. Since April, the real estate market has been dramatic, but thankfully, there has also been consistency:
After the initial swing upwards in demand and pricing, it has stayed that way in our area week after week. Our inventory levels (houses listed for sale) are the lowest they have been in recent history.
I still have a group of buyers anxious for new listings to come on the market. I have talked with them about how traditionally, this is a time of year when people are less likely to put their houses on as the holidays near. Between now and the new year however, there’s often the pleasant surprise of a great house coming on. Unsurprisingly, it’s usually picked up quickly. In this case, the sellers are most likely ones who purchased something else or are moving away from the region and have decided not to wait to list. This week, with the anticipated drama of the election, most homeowners “elected" not to list their home.
According to Lawrence Yun, chief economist at the National Association of Realtors®, “It will be one of the best winter sales years ever.” So far, there is no reason to dispute that.
See you next week when hopefully our next president will be decided.