JHT Market Update - EP 06
Summer 2020 Will be a hot market for homebuyers
With the freeze of the Spring Market, recent activity is indicating that the 2020 Summer Market will take the place of the usual “Spring Selling Season”, and has created a good opportunity for sellers to take advantage of low inventory and increased buyer interest.
According to Google Trends search scores related to real estate have increased from 68 points from March 15th to 92 points last week, indicating potential homebuyers are looking for homes virtually.
Additionally, the historically low mortgage rates act as a major incentive for homebuyers at the moment. “The national average interest rate for a 30-year fixed rate mortgage was 3.24%, for week ending May 21 according to Freddie Mac (1) “
A dramatic change considering a year ago, the average rate was 4.06%.
For sellers, this season presents a great opportunity to get top dollar for your home. Inventory is continually tightening, and compared with a year ago new current listings have declined by 28% (2).
With so few homes on the market, this season could make your home stand out from the competition.
To the current market overview of the areas of Fullerton, Cypress & La Mirada over the past 7 days shows there are 35 new listings on the market, 20 new contracts and 16 closings.
Stay tuned for our weekly video coming your way every Monday Morning!