The Housing Market is the Brightest Spot in the Economy

Filed under: Market Comentary

First, I wanted to send out a big THANK YOU for the major love I’ve received in response to my 50th birthday yesterday. Thank you for the messages and well-wishes!

Unexpected Results in COVID-19

Walter Neil, the owner of Franklin Loan Center, just gave us a report that is specific to the Temecula Valley area. This report shows real estate data, such as days on the market and other indicators that show the health of the industry. You can check out the full report at this link.

Two months ago, when the COVID-19 pandemic broke out, I was assuming that the real estate market would stop in its tracks, and things would get ugly. The truth is that we are seeing an amazing amount of resilience in the market. In fact, the “days on the market” is at the lowest level we’ve seen in over a year. That has everything to do with the low inventory in the market.

Basic Supply and Demand

A report earlier in the year hit on this same point as well. Supply and demand is a strong indicator of how the market will respond. We have more demand than supply, which means that the market will stay strong.

Units are down, which is expected. But almost everything that hits the market sells quickly. So, if you are a Realtor, then it is a great time to get new listings because things are moving fast. There’s literally more demand than there is supply.

Another factor that is contributing to the demand in the industry is the low interest rates. I’ve been in the business for 20 years, and the current rates are definitely the lowest we’ve ever seen.

Need Help with Your Mortgage?

The buyers that I am working with right now are often in multiple-offer situations, which means that they need to work through offer increases and negotiation strategies to land the deal. I’m here to help through every aspect of this process.

I couldn’t be happier with what is going on in the market. It’s surprising to me, but it’s great to see that we are on a great spot. This message is a great one to share – let’s get the word out that it is a good time to sell a house right now.

If you have questions about buying a home right now, then I’m here to help. Contact me any time!

Franklin Loan Center | NMLS 237653
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