Friday, July 10, 2020

Buyers are Crawling Out of the Woodwork

RMLS graphic
Things are getting rather busy in the local real estate market. I'm not sure if this is COVID-19 pent up demand or just these crazy low rates that have populated all the mortgage ads. In any case I have been rather busy running about showing homes to a frenzied crowd of buyers as well as taking offers on my listings.

Locally we are on the cusp of entering Phase 3. The local government applied for it two weeks ago but a recent mini-spike of cases has them in a holding pattern at Phase 2. What ever the reason be it cabin fever, low interest rates, or optimism about the future end of this pandemic, buyers are out in force writing offers and buying houses. If seller don't start listing more houses we could see a return to rising values. Right now it seems that prices are basically steady.

The local MLS is showing a tightening inventory but prices year over year for June in the Portland-Vancouver Metro Area were up a a few ticks at 2.7%.

As crazy as this year has been, real estate has weathered the storm pretty well, I am certainly thankful for that.

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