Why This Summer Is the 2020 Real Estate Season

Ryan Band • Jul 23, 2020
Why This Summer is the 2020 Real Estate Season
This Summer is the 2020 Real Estate Season

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel Kan, Economist at The Mortgage Bankers Association (MBA) notes:

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?
Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”

With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?
Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.

Bottom Line
If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure we can get started building an Unbridled Custom Home for you right away!

By Ryan Band 20 Mar, 2024
As winter bids farewell and spring knocks on our doors, it's time to shake off the cold and embrace the renewal that this season brings. Spring isn't just about flowers blooming and birds chirping; it's also the perfect time to give your home some much-needed attention. At Unbridled Homes, we understand the importance of proper home maintenance, especially as the seasons change. Here are some essential tips to help you prepare your home for the arrival of spring: Inspect Your Roof and Gutters: Winter weather can be tough on your roof. Start by inspecting it for any signs of damage, such as missing or damaged shingles. Clear out your gutters and downspouts of any debris to ensure proper drainage during spring rains. Check Your Exterior for Damage: Take a walk around your home to inspect the exterior for any cracks, gaps, or damage caused by winter weather. Seal any cracks in the foundation. Caulk around windows and doors to prevent drafts and moisture intrusion. Service Your HVAC System: Before the heat of summer arrives, schedule a professional HVAC inspection and service. Change air filters, clean vents, and ensure that your system is running efficiently to keep your home comfortable throughout the warmer months. Clean and Maintain Outdoor Spaces: Give your outdoor spaces some TLC by cleaning and inspecting decks, patios, and walkways. Power wash surfaces to remove dirt and grime, and inspect for any signs of damage that may need repair. Prep Your Lawn and Garden : Spring is the perfect time to get your lawn and garden ready for the growing season. Remove any debris, aerate the soil, and apply fertilizer to promote healthy growth. Trim back overgrown bushes and trees, and prune flowering plants to encourage new blooms. Test Your Sprinkler System: If you have an automatic sprinkler system, now is the time to test it and make any necessary repairs or adjustments. Ensure that sprinkler heads are working properly and adjust the watering schedule as needed based on seasonal changes. Inspect Outdoor Lighting: With longer days and warmer evenings, outdoor lighting becomes essential for both safety and ambiance. Inspect outdoor light fixtures for any damage or wear, and replace bulbs as needed. Consider adding new lighting fixtures or upgrading to energy-efficient LED bulbs for added savings. Clean Windows and Screens: Let the sunshine in by cleaning your windows inside and out. Remove and clean window screens, and inspect them for any tears or damage that may need repair or replacement. Check for Pest Infestations: As temperatures rise, pests become more active. Take the time to inspect your home for any signs of infestation. Look for droppings, gnaw marks, or entry points where pests may be gaining access to your home. Prepare for Allergy Season: Springtime allergies can put a damper on the season, so take steps to minimize allergens in your home. Vacuum and dust regularly, wash bedding in hot water, and consider investing in an air purifier to improve indoor air quality. By following these essential home maintenance tips, you can ensure that your home is ready to embrace the joys of spring. If you're considering building a custom home or undertaking any major renovations, our team at Unbridled Homes is here to help. Contact us today to learn more about our services and how we can help you create the home of your dreams.
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