What’s Happening in Our Local Market?

Here’s what’s been happening in our local real estate market in 2020.

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What will the real estate market remember about 2020? Will it be the fallout from the stay-at-home period that caused a stall in the market? Or will it be the recovery we’re now experiencing?

Real estate is hyperlocal, meaning what’s happening in our local market isn’t what you’re hearing from national news outlets. Despite home sales dropping 1.5% year over year in early 2020, prices have rebounded with an increase of 7.8%, which is a substantial leap. According to the MLS, the average price increased to $155,000 in Montgomery County, $207,000 in Greene County, and $275,000 in Warren County. The economy has come roaring back in many ways, and real estate is leading it all.

The only challenge is the extremely low supply of homes. Comparing 2020 to 2019, there have been 9.75% fewer houses for sale. Coronavirus apprehension has kept some sellers from entering the market because they don’t want crowds of strangers in their homes. Others have declined to move because they’re worried they wouldn’t be able to find a house to buy if their current home sold. .

"What’s happening in our local market
isn’t what you’re hearing from national news outlets."

Going forward, the low inventory will likely stifle the number of houses sold while keeping demand strong, causing prices to continue to increase. In these uncertain times, it’s helpful to sit down and discuss plans with someone experienced in the field.

Give us a call at (800) 722-2585 or send an email soon; let’s talk about your options or find out how much equity you have in your home. Having all the facts will help you decide whether now is the time to move ahead or wait a while longer. If you have any questions, reach out to us as well. We look forward to speaking with you.

What Should I Expect When Closing Amid COVID-19?

Here’s what to expect when closing on a home during COVID-19.

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Selling your home during the health crisis may seem a bit daunting, so if you have found a buyer and accepted an offer, congratulations; you’re almost there! All that’s left is to close the deal. However, the coronavirus has unfortunately thrown a few wrenches into the closing process too. These are the four things sellers should expect when closing amid COVID-19:

1. Delays. Lenders have been swamped with processing refinancing applications due to the historically low interest rates, and social distancing and sheltering in place are complicating home inspections, appraisals, and final walk-throughs. This means that each step may take longer than usual.

2. Changes in appraisals. Customarily, lenders require those buyers receiving a mortgage to get an appraisal, but to keep sellers safe, Fannie Mae and Freddie Mac have been instructed to allow exterior or desktop appraisals during the health crisis. This is good news, but these procedures could also take longer.

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These guidelines are meant to protect everyone.

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3. Changes in walk-throughs. Social distancing makes in-person walk-throughs less common, with some being done virtually.

4. Delays in closings. Social distancing may also delay closings because some of the title company’s offices are closed, and in-person gatherings of 10 people or more are prohibited. Rather than having everyone gathered in one room, various parties might sit in separate rooms and pass papers back and forth.

Keep in mind that most changes in the process are beyond anyone’s control. These guidelines are meant to protect everyone from unnecessary exposure risks.

All of us here at the Tami Holmes Team would be glad to assist you in navigating the home closing process amid the coronavirus. We’ve successfully sold hundreds of houses during this difficult time.

If you have any questions about closings or real estate in general, please call or email us. We would love to help you.

Is Now the Perfect Time to List Your Home?

The market is hot right now for buyers and sellers.

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Are you eager to sell your home? The market is flooded with buyers eager to buy it.

According to the latest Freddie Mac quarterly forecast, mortgage interest rates fell to historically low levels during the spring and are projected to remain low. This means there is a huge incentive for well-prepared buyers to strike now. Homeowners looking for eager buyers can take advantage of this opportunity to sell as well.

Not only are mortgage rates low, but there’s also a very positive outlook on interest rates going forward, as a drop to 3.2% could be possible in 2021. Thanks to these low interest rates, buyers keep driving the housing market forward. The rebound in the economy has been uneven, but one segment that’s been exhibiting strength is the housing market.

Even though buyers are ready to purchase, it’s hard for many of them to find a home to buy. Mortgage rates aren’t the only thing hovering near all-time lows—available homes for sale have dropped off. With housing inventory as scarce as it is (down 20% year over year), keeping buyers in the mood to buy may be tough if they can’t find a home to buy.

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The rebound in the economy has been uneven,
but one segment that’s been exhibiting
strength is the housing market.

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What does this mean for buyers? Competition is hot, so getting pre-approved now will help you gain a competitive advantage and accelerate the home buying process so that you’re ready to go when you find that perfect home. Furthermore, working quickly and efficiently with a trusted real estate professional (like The Tami Holmes Team) will help put you in a position to act quickly.

What does this mean for sellers? The motivation for buyers to purchase a house is as high as ever, so listing now before other sellers come onto the market in your area will put your home on the top of many buyers’ lists. With all of the safety guidelines and precautions in place regarding the showing of your home, confidence is also on your side.

The bottom line is that whether you’re looking to buy or sell, there is great motivation to enter the housing market. If you reach out to us today, one of our team’s experts will help you every step of the way.

If you have any other real estate questions, feel free to reach out to us as well. We’re here to help.