Although you might expect the real estate market to slow down during a crisis such as a pandemic, there are no signs of any slowing. Interest rates are at an all-time low. Affordable Housing is nearly extinct. And, there are fewer listings on the market while there are plenty of buyers searching to make a purchase. Statistics show a decrease in sales but that is more to do with the lack of listings than the lack of activity.
Here locally, we are seeing multiple offers within hours. That sounds wonderful for Sellers but that means Buyers are forced to pay higher prices and must be prepared to write an offer on the spot. If Buyers decide to ‘think it over’, they will most likely miss out on the house. Agents must be paying attention nearly every minute to the new listings and Buyers must be pre-approved and ready to write an appealing offer.
As we look ahead to the 4th quarter, we expect a bit of a slowdown as we get through the Elections but we believe the market will continue to be strong through 2021.