Seller Tips: What You Need To Know About COVID-19 And The 2020 Real Estate Market

October was a busy month for the Real Estate market, but COVID-19 has had it’s impacts. With over 50% of the workforce operating remotely, proximity to employment is no longer a top priority, meaning city residents are able to relocate — be that to the suburbs, or to new states entirely! From mortgage rates to where the masses are heading, here’s what you need to know about COVID-19 and the future of the 2020 Real Estate market.

What+You+Need+to+Know+About+COVID-19+and+the+2020+Market

1. Mortgage Rates Steady

Throughout October, mortgage rates dropped fast! According to The Guaranteed Rate Market Research Center, 30-year fixed rates are steady at around 2.81% and 15-year fixed rates are 2.35% as of mid-October! This is the time to contact a mortgage lender to see what you can afford, because rates this low don’t come around often!

What You Need to Know About COVID-19 and the 2020 Market

2. Asking Prices Are Rising

Home prices have increased 12.2% over last year! We’re going on over 12 weeks of buyers faced with asking prices growing in the double-digits. In a typical market cycle, October tends to be when asking prices go down, so keep an eye on the numbers this winter to see how COVID-19 mixes things up!

What You Need to Know About COVID-19 and the 2020 Market

3. Decreased Inventory

Just this past month alone, inventory was down %38 compared to October 2019, meaning buyers are competing for properties. The rise in asking prices paired with low inventory results in an incredibly strong sellers market.

what you need to know about covid-19 and the 2020 market
What You Need to Know About COVID-19 and the 2020 Market

4. Migration Patters

Across the nation, U.S. cities are seeing a surge of residents moving away — be that to the suburbs or to other cities! Philadelphia is currently is seeing a rise in new residents from the NYC and D.C. Metro Areas according to a recent DotLoop publication.

5. Time On The Market

Higher asking prices and lower inventory means the properties on the market are going fast! Compared to October 2019, 2020 homes are selling a full two weeks faster, which is good news for both buyers and sellers, although the sellers’ advantage may begin to change over the next few months!



Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

1619 Walnut Street, Suite 500, Philadelphia, PA

venturephilly.com


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