The market is rebounding nicely according to the latest numbers.
Realtor.com recently reported that despite the impacts of COVID-19, an economic recession, and the upcoming election, the housing market has not only rebounded but is surging.
The median home price rose 6.2% annually from the end of June 2019 compared to the same week in 2020. Homes are selling faster, and bidding wars are rising.
This marks the second consecutive month of bidding wars.
A local real estate company reported that over half of their offers were facing stiff competition from multiple buyers. Our team has experienced the same thing. This marks the second consecutive month that we’re seeing bidding wars.
Data from Fannie Mae also revealed that 61% of consumers said it was a great time to buy. 41% of respondents also believe that it’s a great time to sell, a 9% increase from the previous month. This optimism has led to a surge in mortgage applications for home purchases. They rose 33.2% year over year for the week ending on July 3, according to the Mortgage Bankers Association. Despite being in the midst of so much, our market is doing very well.
If you have further questions about buying, selling, or anything else related to real estate, don’t hesitate to reach out via phone or email today.