Where Is Real Estate Headed in the Short Term?

Our real estate market has certainly been affected by the coronavirus pandemic, but could some much-needed relief be on the horizon? Here are my thoughts.

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The question I’m getting a lot lately is, “Where do you see the real estate market going in the short term because of the coronavirus pandemic?”

We’re starting to see a little bit of light at the end of the tunnel here as we close out April. Some medical advances are being made, and Congress has passed another $450 billion to help support small businesses, which has already saved about 30 million jobs here in America. However, the unemployment rate has gone up significantly, which is not good, and there will be consequences from that.

Here are a couple of stats I want to share today to show you that houses are still selling right now in Maricopa County.

Last weekend, 341 homes closed escrow and 303 homes went under contract. That’s a pretty encouraging sign. Last Monday, 192 homes went under contract, 183 homes closed, and 149 went on the market. We’re still seeing that imbalance of supply and demand, which is tilted in sellers’ favor. We have about a three-month supply of homes right now.

Hopefully we will start to see some positive regression soon.

If you need to sell, this is still a good market for it. Mortgage interest rates are still very low for buyers and you can take advantage of the imbalance I mentioned previously. If you do need to sell, how do you do it safely? Here’s what we recommend:

  1. Leave the house for showings
  2. Keep all interior doors open
  3. Provide gloves
  4. Open the front and back doors (with gloves on)

We’re also helping homebuyers and sellers through virtual walk-throughs, sales, and more.

As you can see, homes are still selling and the economy is still moving, but hopefully, we will start to see some positive regression once things die down.

If you have any questions for me in the meantime, don’t hesitate to reach out via phone or email. I look forward to hearing from you.