One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:
- The Northeast was up 76.6%
- The West was up 56.7%
- The Midwest was up 52.1%
- The South was up 46.7%
The Housing Market Is Showing a ‘V’ Type Recovery
ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.
To view original article, visit Keeping Current Matters.
If you’ll be able to work remotely long-term or your overall needs have changed, it’s a great time to sell your house and move up.
Having room to maintain a healthy lifestyle at home – physically and mentally – may prompt you to consider a new place to live.
If you own your home, take time this June to celebrate the ways homeownership has added value to your life!
Homeownership is the first rung on the ladder of financial success for most households, as their home is most often their largest asset.
Even in today’s market, sellers are not guaranteed success. There are some key things to know so you can avoid costly mistakes and win big.
Here’s a look at what some experts have to say about what will drive the industry and the economy forward in the months to come.