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  • Writer's pictureNancy Bennett

MARKET UPDATE: The Real Estate Market Has Really Warmed Up This Past Week



It’s like someone flipped a switch!


We’ve had some homes that were sitting on the market for weeks, and they have finally gone pending. But how they went pending is the interesting part.


A couple of homes in my community didn’t have any offers for close to six weeks; one of those had a price reduction and one didn’t. And then, within almost 48 hours, both of those homes received multiple offers and are now pending.


These are not isolated cases. More homes are pending over the last week then we have seen over the past month.


Is it something in the air?


Have interest rates gone down?


Did everyone get another pandemic check?


The answer is none of the above!


What’s the motivation for homebuyers?

More housing inventory for one. Right now, we have 98 homes for sale in all of Concord. About one-third of those are priced over $1 million. Buyers have been asking for more choices (updated, larger lots, pools, etc.) and now we’re finally seeing those variations available.


Lower interest rates

Mortgage rates have gone down slightly in the past couple of weeks. Not enough to move the needle and have everyone super excited, but enough for many home buyers to realize that the rate is the rate, for now.


We’ll see if the Fed breaks out of their slumber and lowers its lending rates this summer — or if it will hold off until December as predicted by some market watchers.


I think the question would be, if the Fed lowers the rate by 1/8%, how will that impact your decision to buy or even sell a house? In my experience and in this real estate market, it may not motivate enough folks to change things up just yet.


School is out!

School is out for summer! That song is now stuck in my head! Since we had a late start to the real estate market this year (didn’t really start to warm up until April), I’m seeing more folks looking at open houses and having discussions with realtors or lenders. There are always those families that have to move after school is finished and have a short window to get things done (sell and buy, or buy and settle in) before school starts back up in August.


Psychology

It always amazes me how there seems to be a mind-meld with people at times. What that means to me is that something is in the air because homebuyers or sellers seems to get motivated at exactly the same time!


Think of it like, you are working really hard for your home seller — advertising, marketing, open houses, networking with other agents and lender to dig up a buyer for your listing that has been sitting for weeks on the market. Then, all of a sudden, you get two offers within hours of each other. What in the heck?


It’s like a bunch of buyers woke up that morning and decided to write up an offer on the house, same day! Crazy making! Welcome to real estate, where every day is a new adventure!


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