The crazy rush to snatch up every house has now extended up into the half million dollar price range. These super low rates and a tight inventory continue to push values higher. There is some kind of perfect real estate storm brewing round these parts as buyers are crawling out of the proverbial woodwork to snatch up anything under $500k. There are literal traffic jams leading into neighborhoods with sub-$400k homes as agents scramble to get offers in.
Low rates, tight inventory, and at least a little California and Oregon exodus appear to be more than enough to counteract any COVID-19 related economic slowdown. It has been a while since I saw a mad rush to buy like this, we had a similar run up in 2016-17. It's nuts out there for buyers with budgets under half a million dollars. Those of you qualified to spend a bit more will find a more relaxed experience as the supply of high end properties are more in line with demand at the moment.
Even fixers are starting to show robust activity after a couple of years of buyers snubbing them. This is a smokin' hot market right now and so long as rates stay low a sellers remain in the minority, buyers will have to fight for every deal.