Nov 2020 National Market Update

Nov 2020 National Market Update

National Market Update. Hey the question of the day is can the market keep up this pace in the seller’s favor? Will this cause a crash like 2008? Is the election going to cause a crash? I continue to get these questions over and over from people. And the bottom line is nobody has the answers. But what I can tell you is what I know what’s happening right now in the real estate market. Almost every home that we’re selling here in the Milwaukee and surrounding area is going above list price with multiple offers. But why, why does this keep happening? Well let’s dive into it. Hi, I’m Rich Barnes, owner of broker of Realty Experts in West Allis, Wisconsin. Five three two one four. What we do know is what has been predicted from real estate experts and advisors earlier this year, and that we would have a V-shaped recovery. Which means that the market drastically dropped and slowed down when the pandemic hit. But they predicted that once things got back to normal, once our new normal set in, that the housing market would recover. As seen here from the graph, from the housing market recovery index, we see that it has. The index looks at four components of the market. Number one demand. Number two supply. Number three price. Number four time on the market. The index is showing us that we are now exceeding levels prior to the pandemic. Data from the mortgage bankers association, Zillow, the national association of realtors shows that leading indicators that determine a strong market like showing times, purchase applications, pending sales, existing home sales, new home sales are all up. Indicating that we’re in a very strong market. Also factors like inventory levels for both traditional inventory and new construction are down. We have a limited inventory, which again is an indication of a strong market in favor of sellers. Also I cannot predict what will happen in the future, just as anyone else can’t. What would I do know, is right now we are seeing a very strong real estate market. Feel free to reach out to us at a no cost or risk for a hassle free strategy session. I’m looking forward to hearing from you. And as always I’m here to help. Thanks and you have a great day.

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