2020 is a very different year i keep getting asked the question is the COVID virus affecting the real estate market?
So i'm going to share with you a real estate market update in just a minute Stay tuned!
So is COVID affecting the real estate market. I'm going to let you decide!
I'm going to give you a quick real estate market update for the King CountyReal Estate Market Now these numbers are for King County but Pierce County is not much different right now. Currently the homes that are listed that are between zero and $750,000 in King Countyare going pending within thirty days 80-90% of the time the homes that are a Million + are selling 57.9% in 30 days
So I had two listings last week. One in Pierce County and one in King County They both were in about the $350,000 price range The one in King County had 20 showings in one weekend and the one in Pierce county had 33 showings in one weekend. That is a lot of buyers! We are in a high demand, low inventory situation. There are a lot of buyers out there looking and we just don't have a lot of houses on the market.
In the $250,000 to $350,000 price range we only have .4 months of inventory, A normal inventory level is four to six months of inventory ,so we don't even have half a month's inventory in those lower price ranges. Those are usually the first time home buyers. In the $350,000 to $750,000 price range we have less than a half a month's supply of inventory and in the $750,000 to 1 million $ price range we have one month or just over one month's supply of inventory and in the over one million price range we have just over two and a half months which still is low inventory!
So what does this all mean? If you are a seller it is a great time to sell! As I've said there's lots of buyers out there looking and there's not a lot of houses on the market, so many times we're seeing multiple offers. If you are a buyer -you need to have a great real estate agent that can create the best strategy out there for you so that you can win that multiple offer situation. You also need to have a little bit of patience and give yourself a little bit extra time for that buying process. So let's say you already own a home. If you're paying pmi insurance monthly this might be an excellent time to get that removed. With our increasing prices, your value may have gone up and our interest rates are low so you might be able to remove that pretty easily. Or you might consider refinancing if you've owned your home for just a short time. Again our prices have increased and our interest rates are low so if your interest rate is at the 4% mark or above, refinancing might be a good option.
So to answer your question is covid affecting the real estate market? It doesn't seem to be affecting it negatively from what the numbers are showing. We are taking lots of precautions to keep all of our buyers and sellers and customers safe . I would love to go over the options with you and help you work out the numbers and see if that is a good fit for you. Please message me or call me I am happy to help anytime. Thank you so much for watching and i will see you next time!