Here’s a quick guideline of what you need to know about our market.
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What’s happening in the real estate market right now? Here are the five main points to know:
1. Real estate sales are strong and steady. I’m not just talking about Massachusetts, either—I also mean nationwide.
2. There’s a lack of inventory (especially in Merrimack Valley). If you or someone you know is looking to sell, now’s the time to do it. We recently listed two properties in Chelmsford that fielded six and nine offers in a single weekend. One of those properties sold for $43,000 above asking price. It’s a seller’s market.
3. Interest rates are still very low. The Federal Reserve set the bank rate at zero, and some buyers are getting 30-year fixed rates as low as 2.5% to 3.5%. There are also plenty of amazing programs for anyone looking to leave renting behind and make the leap to homeownership, so now’s a great time to be a buyer as well.
4. We’re still practicing COVID-19 safety protocols. This means wearing gloves and masks, maintaining a six-foot distance with clients, and only allowing one party in at a time during open houses (a maximum of three people). We also recommend that children not attend open houses, and we ask all potential buyers and their agents to wear masks and gloves. In some cases, people are requesting that in-home visitors wear booties on their feet.
5. It’s a great time to sell. I mentioned this point above, but it’s worth mentioning again. With the unemployment rate still high and all of the other challenges the economy is facing, there’s a chance that home values will decline near the end of 2020. If you’re a seller, you’re better off selling now while home values are peaking.
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.
