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With everything going on right now in the market, with the owners going around, sellers don’t wasn’t to random people working through their home like I totally understand that, plus it may seem like sarge share Was actually banner from residential properties so that forced people to move to the sidelines, however now they’ve found only 24% properly listing compared to enter the market, although there’s still far Less inventory that sellers are slowly beginning to reenter this month, Alright there’s still far less inventory than usual.
Next as far as listing prices are concerned meaning how much a seller asks for a property have found that listing prices are up 5.4% in the previous year following a 1.7% drop. But even more surprising is that fact that the recent surge in home buying demand which just surpass previous levels, and for anyone who reaches out to have a home, make an offer or inquire about s property and that shows a lot of people but they’re watching to buy a home and wanting for the right opportunity and the surge of home buying doesn’t end there, they found that the homes are selling at the exact same speed as they were back in 2019.
Meaning that as of may 8, 33% of listings are under contact to it with mortgage applications of 11 perfect from a break early, but with all of that I’m sure all we really want to know is the price, are the prices going up or down. A Data for the natural association for rallies found that the whole process actually increased 96% of all mantras during the first quarter , and for disclosure this led by the pre-crisis sales, but even in April over all tone prices remain relatively unchanged.
The reason why it’s a simple case of supply and demand in April and may the was way more demand then there was supply and that kept prices relatively unchanged.
But a lot of sellers who could afford to wait it out, just decided not to list but if you’re lusting the market there’s more competition between buyers who get what ever else is available now.
As far as we’re properly values is going up the most, it would spend that the largest metro with selling prices under the natural average of 20080k dollars saw the biggest inverse.
Those areas included the try to Nedda and Philadelphia on the other hand San Francisco was actually one of the few areas to see if the price declined of 300% although let’s be real. Into cares about what just happened because all of that is in the past and what Remy matters the most right now is what’s going to happen in the future.
And for thyroid you look at the price predictably from the expects Carl who was the largest data analytics company found out that even though prices have risen 4 and the half. Year over the year.
They expect that over the next year, they will be gaining degrees of only 2 and the half year from where we are now, which when we account for inflation works out at a slight loss.
Zillow also published the predictions which estimated the real estate value would drop 2.7% by October of this year, although sometimes you can’t just look up s company in sale but instead what they’re actually doing is that companies like red and Zollow have both resumed their home buying business where they can make an instant offer to the seller and by their home directly fur a price in a matter of days.
This just seems like an indication that both companies see tremendous value in giving sellers this easy out, they want to sell their home and sellers to go through their home and they don’t mind getting a lower price in exchange for an easy seamless transaction.
However in the past these ventures were flops and that last year Zillow estimated that they lost over 4500 dollars on each home they sold.
But hey they see this as an indication that more deals can be coming up and they want to be there to take advantage of that, perhaps there’s going to be bumping up all the BnB that were used as a vacation but who knows.
But the one aspect we do have to consider is unemployment we can’t ignore that the 13% of our work force, hoe many of these people are go8mg to have jobs to return to when all of this is over, and another or not people are going to be returning to their normal spending, the university of Chicago estimated a 42% lf jobs lost during the crisis are going to be good for good.
And the only thing keeping a lot of people afloat right now, is the increased unemployment benefits, in a way from my perspectives thus just sets an unnatural substitute precedence that yes right now money is coming in but this is not sustainable without jobs to return to.