With stay-at-home orders lifting in Michigan, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, the spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.
According to Google Trends, which scores search terms online, searches for real estate have steadily increased since mid-March. More potential homebuyers are looking for homes virtually. Is your house listed?
What’s the Opportunity for Buyers?
Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. With interest rates currently at 3.3% for a 30-year-fixed-rate mortgage, potential buyers have a good reason to continue shopping, even during a pandemic. With rates at such low levels, and as Michigan opens, there’s more incentive than ever to buy a home this summer.
What’s the Opportunity for Sellers?
Many spring sellers removed listings from the market which results in a lack of inventory for potential buyers. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.
If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this summer may be the time for your house to stand out from the crowd. Boeve Properties can help you list safely and effectively, keeping your family’s needs top of mind.
Buyers are looking, and your house may be at the top of their list. The Boeve Team is here to make sure you can get your house in on the action this summer.