Buyers should move quickly, and sellers should select offers carefully.
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How is our market holding up in this pandemic environment? For buyers, inventory is tight. However, with interest rates as low as they are, many are trying to lock in those favorable rates now and secure a home.
On the selling side, this tight inventory is allowing sellers to get their homes under contract quicker and for more money thanks to multiple-offer situations. That being said, sellers should be aware that their home must still go through the appraisal process, so they should be careful when selecting an offer.
Buyers must get pre-approved before beginning their home search.
Last year at this time, we had about 4.1 months of inventory. At the end of this quarter, we’re projected to have only about three months of inventory. What does this mean for buyers? Well, it underscores the importance of getting pre-approved before beginning your home search in earnest. Simply put, buyers must do their best to prepare ahead of time so they can jump on homes as soon as they become available—real estate is still moving fast!
As we all know, now is a difficult time, and it’s hard to say what the future holds. What we do know is that there is a healthy amount of activity in the market now, so if you want to take advantage of a market that’s still rolling along, reach out to us by phone or email anytime. My team and I are on standby seven days a week, 9 a.m. to 8 p.m., ready to assist you. We’re here to help you achieve your real estate goals.