What’s going on with the housing market?

May 20, 2020 / by Homebase by Ribbon

The answer might surprise you.

 

1_T-ySnwbZtqVXXzen441lSA

 

This Spring is not your typical Spring. This means the housing market is also not the typical housing market. While these are all real challenges that our homebuyers are facing, the data is showing some good news.


1. Showing numbers are up
ShowingTime reports a promising 14.9% increase in home showings this week, signaling that buyers are interested and that virtual open houses have been a successful draw.


2. The competition is heating up
Mortgage rates are continuing to climb and CNBC cited an 11% increase in home applications. With fewer homes on the market, we’re likely to see an increase in competition and an increase in average home prices.


3. There are lots of buyers and sellers in the wings
With states starting to lift their stay at home orders, we are seeing promising gains from the market. According to Haus, we should expect a W shaped recovery. This means that if a resurgence of COVID-19 returns in the winter, we can expect to see the market retreat but then begin to increase again when that wave is over.


4. Our on the ground team is optimistic
Lars, a Ribbon expert, says, “the real estate market is still very much alive! Buyers are still motivated and coming across multiple offer situations — which means they need all the help they can get to compete.”
Here at Ribbon, we recommend that you decide whether to purchase or sell a home based on your circumstances. Continue to stay informed on how your local market is performing and be sure to get expert advice from a real estate agent.

We offer free 30-minute sessions with our Ribbon customer success team if you are interested in purchasing or selling a home. 

 

Tags: Housing Market

Homebase by Ribbon

Written by Homebase by Ribbon