Extraordinary Real Estate Services by The Lisa Miguel Team!
One of the biggest surprises of 2020 is the resilience of
the residential real estate market. Lawrence Yun, Chief Economist of the
National Association of Realtors (NAR), is now forecasting that more homes will
sell this year than last year. He’s also predicting home sales to increase by
8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat
service provider for the residential real estate industry, just reported on
their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7
percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to
see homes than there were at this same time last year. The number of potential
purchasers was also up dramatically in every region of the country:
The Northeast was up 76.6%
The West was up 56.7%
The Midwest was up 52.1%
The South was up 46.7%
The Housing Market Is Showing a ‘V’ Type Recovery
ShowingTime also indicates the real estate market has
already come back from the downturn earlier this year that was caused by
shelter-in-place orders. Here are the year-over-year numbers for each region on
a monthly basis (See graph below):
We’re way ahead of where we were at this time last year.
This data validates the thoughts of Frank Martell, President and CEO of
CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock
solid despite the shock and awe of the pandemic.”
If you’re thinking about selling your house, this may be a
great time to get the best price and the most favorable terms.
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