Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.Monthly Indicators by MetroMLS
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of
In our hyper-local market, of Kenosha, Racine & Walworth Counties, all our numbers were up in September 2020, compared to September 2019. Increased median sales price, more new listings, and more sales. Below are the ‘Local Market Reports‘ by MetroMLS & ShowingTime.
Nationally, in regards to last month’s market, Realtor.com stated,
“Homes are sold at an increasingly fast pace when compared to last year, and prices remain at all-time-highs into September. Inventory continues to be constrained by stronger than normal buyer demand and little new inventory.”September 2020 Monthly Housing Market Trends Report: Heightened Summer Housing Market Activity Spilling Over into Fall by Realtor.com
Overall, like last month, I’ve been on more showings and written more offers per buyer accepted offer, in September. I see new listing after new listing go under contract within days of hitting the market, later in the year than I am used to seeing, as well.
My message to all is to stay in tune with this evolving market. More jobs are going remote than ever before, which means more city-folk are moving country-side. This means competition and higher housing prices. Sellers: be aware that increased demand and bidding wars may lead to local buyers stepping out of the market soon. If demand decreases, prices will follow suit; if you want to list your home, do so before the holidays. Buyers: interest rates are still low, but you will need to be ready to act, and prepared to compete, when the right home hits the market. Get your pre-approval now, and check on the inventory in your local market often. Don’t hesitate to reach out and ask for an MLS search update.
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