Real Estate Market Report
The south was the only major region to have in increases in pending sales in October, according to Realtor.com. They also report that for the rest of the country, pending home sales fell for the second month in a row, signaling that the surprisingly strong surge in demand during the pandemic may be ebbing. Experts think that rising home prices could be cutting into demand. Some other factors that could be playing a role are cooler weather and a record increase in U.S. corona virus cases. However, even with the downward trend nationally, overall pending home sales are up over last year by 20%.
Realtor.com says record low mortgage rates and an increase in families leaving cities to escape the corona virus have boosted sales during the pandemic. Not just for homes, but for furnishings and other home related goods. However, they say the spike in demand has reduced the inventory which was already in short supply. The result is higher prices that could discourage potential buyers and may lead to softer sales down the road.
We’re hoping the south continues to be a bright spot for the real estate market. If you have been thinking about selling, now is a great time to list. We would love to help you.