Back in May during lockdown we predicted an increase in the average sale price of at least 6 to 7% in real estate value. The Year to Date numbers just released by the local Board of Realtors indicates a 9.2% increase in the average sale price. This has been fueled by a demand that far exceeds supply. What’s behind that the imbalance between buyers and sellers:
- Institutional investors are buying single homes and renting them, taking them out of the mix
- New listings are down 7.8% – Sellers have genuine concerns about moving during a pandemic – particularly the more vulnerable ones
- Those who have continued to work despite the economic downturn have been able to accumulate more cash due to staying home
- Many who are in more confined living situations, ie apartment buildings, dense neighborhoods seek to get out in some way
Wherever you are in life there is a real estate solution for you. We have answers for affordability issues for buyers and selling safely issues for sellers. Call us and we can help 716-880-4442 or email@example.com.