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Q: How Has COVID-19 Changed Our Market?

by: Jeff Quintin, on July 13, 2020 - Uncategorized

COVID-19 has changed everything, and that includes our real estate market.

It seems everyone lately has been asking what’s happening in our real estate market. Fortunately, our market is very hot. Here are a few examples of what happened before and during the health crisis:

Property One:

  • Before COVID-19: Under contract for $400,000
  • COVID-19 hits: Contract falls through
  • During COVID-19: Goes back on the market, there’s a bidding war, and it sells for $40,000 higher than the original list price.

Property Two:

  • Before COVID-19: Asking price $327,000, on the market 174 days
  • During COVID-19: Came back on the market, sells for $327,000 in three days

Property Three:

  • During COVID-19: Asking price $459,900
  • During COVID-19: Three days on the market, receives three offers, sells for $494,000

This proves our market is currently very active. Inventory is extremely low; in most markets inventory has decreased between 25% and 50%. Pent-up interest and demand are high. If you’re considering selling your home, you’ll be surprised by its value.

Give us a call or send an email to get an updated market evaluation or if you have any questions about our current market or real estate in general. We would be glad to help you.