Is it Good Time to Buy?
I am being asked a lot these days whether the market has softened and is it a good time to buy a property. It is on some people’s minds that due to Covid there is a chance to get a deal since we are in a recession. My answer to the first question is that although we see less activity in the market compared to normal busy year’s transactions, activity has been picking up last several weeks and closings do happen every single day. We see a clear trend of real estate business gradually going back to normal.
Every Transaction is different than the other and motivations of sellers and buyers are different in each transaction as well as their finances. We can’t paint a general picture of the market but rather needs to dig down into every individual listing and see what is going on there. Although we see a slight softening in the general market we can’t say that there is a dramatic drop.
Please Note That This Analysis Pertains to May 31-June 06.
The activity was Still Low For This Season with Only 171 Transactions But with a Noted 31% Increase Week Over Week. Activity is Definitely Picking up Some Steam. Same Week Last Year Had 276 Transactions. Sold Price to Listed Price Percentage Stayed at 99%. Please Note That Three Months Ago The Sold Price to Listed Price Was at 104%. Clearly We Have a More Balanced Market Now.
Please Note That 70% of The Activity Has Been Around The More Affordable Properties Under The 1 Million Dollars Mark. Sold Price to Listed Price There was at 100% which is an Increase From Previous Weeks. The more Expensive Properties We Saw a Sold Price to Listed Price at 99% Which is Also an Increase From Previous Weeks. This is Important to Note as We See More and More People Coming Out and Businesses Open. I think we can sense a slight increase in Confidence in The Market as the number of transactions increased from previous weeks. We Will Need to Continue Monitoring This Trend for The Next Several Weeks.
Take Care Everyone and Stay Healthy and Engaged.
I will Keep You Informed…