Key Things To Know:
- Buyers are out in force and are writing good offers. The unknowns regarding what COVID-19 will look like this fall and winter mean the buy/sell season will likely be shorter this year. Don’t wait to put your home on the market if your intention is to sell this year. The best market will likely be now through early July.
- There is a lot of uncertainty in the market, and buyers are behaving erratically, writing strong offers, and then pulling out. Expect a bit of a “roller coaster ride” if you are a buyer or seller in this market.
- Mortgage financing is in good shape. Rates are at historic lows and appraisal and underwriting processes are running smoothly.
- There is good inventory available in many market segments, however, homes in good condition and priced right are selling quickly with multiple offers. Don’t expect to get bargains on nice homes at this time. The good news is that there is more to choose from and you can find a great home at a fair price. The market is not overpriced.
- The market can vary widely from neighborhood to neighborhood. If you have questions about specific areas and price ranges, please reach out by phone or email. I am happy to help you understand the market in any market segment and create a strategy to buy or sell to best meet your needs.
National Real Estate Market:
The number of properties under contract rose to 72,368, 10.5% greater than the week of March 13, when COVID measures were first implemented. This growth represents a 73.7% recovery of the April 17 low, indicating healthy buyer demand. Further improvement is witnessed in the weekly volume of removed listings, which fell to its lowest level in 2020.
Ann Arbor Real Estate Market:
For the month of May through 5/28/20 vs. similar period last year:
- Total listings for sale are up 43%.
- New listings for the month of May are up 21%.
- Sold Listings for the month of May are down 58%.
- Newly pended listings (under contact) are down 60%.
Sources: Trendgraphix.com, https://info.housecanary.com/