Normally, this is the busiest time of the year for real estate. We are seeing a bit of a slowdown, as we’ve seen about half of the usual number of homes hit the market in the last week. However, that number is still over 300 homes over seven days.
We’re adapting to help buyers and sellers conduct business virtually.
Here’s an example that shows there is still a strong demand for homes in good condition that are priced well. We listed a home for $390,000 last week and by the end of the day, we had 23 showings on the house. It ended up getting multiple offers.
Many homebuyers and sellers are looking to the internet to help them buy and sell virtually and we’re adapting to help them do that. On our website, we have an option for buyers to look at homes via video chat or virtual tour.
Now a quick update on interest rates. They remain historically low. The market was a little volatile a few weeks back, but buyers with great credit scores are still getting rates below 4%. There are a lot of refinances happening right now as well.
If you have any questions for me about what’s going on in the market or real estate in general, don’t hesitate to reach out via phone or email.