With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.
You can see that since the pandemic the number of new listings has dropped significantly while our Pending sales are skyrocketing. We expect July to a serious bounce-back month for sold properties as the pending turn to sell.
Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971.
In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.
Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?
Who you work with MATTERS! You know intuitively that more experience, more credentials, more tools in the tool box are better than few. You need a first class Negotiator, and Pricing and Market Specialist on your Team.
Our Motto isn’t just From Peace of Mind to Bottom Line, it’s our Credo, MO and Track Record. Our numbers speak for themselves. When we represent the seller, the closing price is usually above list. A function of a strong market you say? Then how do you explain in the same time period, in the same Market Place, our buyers on average saved at least five percent of market value? Because we’re good. Because we care. Because we watch your pennies as well as the big picture. Because the big picture is comprised of details, just like pixels. If you want a higher resolution, a better bottom line, and better sleep at night, there is only one choice.
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