Market Update - August 2020
Kevin Yoder here with Yoder Real Estate and kevinyoder.tv. Coming to you with a quick update from an article I’m reading with a title of: Market Data Report: Peak Homebuying Season Yet to Come in 2020. Before I share with you the details of this article, look below to search for all homes that are currently on the market. I’m going to give you four key highlights from the article that you can take and really gain a better understanding about what’s happening in this sort of a middle of a pandemic. What does it look like for Real Estate across the country? And also what does it look like in our own backyard in Grand Rapids, Michigan?
There’s a link below to search for all homes in the market and you can find out your home’s approximate value. We can further help you with that here at Yoder Real Estate if you want to dial that number in & get a real specific number for your home’s value. Something to remember is that it’s always changing, so you really want to get a good sense of what your home’s value is at least once a quarter.
All right, let’s get started on the article. Here are the highlights: Home prices are up from last year, in some sectors drastically. We’re looking at a 9% growth in median house listing prices since last year (August 2019). Days on the market has dipped 11%, which is always good for sellers on getting their home sold fast. We have a drastic dip in inventory – 35%. That means that there’s 35% less homes available right now than there were last year at this time, which is causing increased demand.
Across the country, most places have rebounded even more so in the last 60 days than they would have had the lockdown not happened because of all the pent-up demand.
The next topic is market recovery hold. What we’re talking about is, did we recover from eight weeks of being down due to COVID-19? For a while in Michigan, Real Estate was deemed to be a non-essential industry. Because of this, a lot of the spring market was held back and buyers and sellers that were going to make moves stood on the sidelines. In this article, they’re saying that across the country, most places have rebounded even more so in the last 60 days than they would have had the lockdown not happened because of all the pent-up demand.
In West Michigan, the Midwest, we’re still behind slightly at 0.2%. Not too shabby considering what it could look like! The increased demand and less days on the market are all positive things for home sellers. If you’re thinking about selling a home, the article wraps with basically saying, this might be a time to strike. Timing is everything. If you’ve been holding off selling due to wondering what’s going to happen, just know that we have plenty of time. They’re suggesting now that the peak selling market is no longer May of 2020, but August and September because we’ve pushed everything out at least 60 days.
If you want to know more about what’s going on in the market, always feel free to reach out to us here at Yoder Real Estate. You can go on our website, yoderrealestate.com and request an appointment with us. Or you can simply ask us questions! You can always reply down below, send me a message or send an email to kevin@yoderealestate.com. I hope this finds you well, if we can help you in any way, please reach out to us and stay safe. We’ll see you soon!
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