We never could have expected 2020 to unfold the way it has thus far. For most industries (excluding video chat platforms), the COVID-19 pandemic has impacted the market and presented unique challenges to overcome. Luckily, in the world of real estate, things are starting to look up and the future ahead looks bright! As our economy continues to strengthen and the country keeps recovering, we expect the improving market to continue on its already promising trajectory. Let’s take a look at the biggest updates from June and early July.
Mortgage Rate Recap
While mortgage rates are constantly subject to change, they have recently been quite low by historical standards, as they have been throughout most of the COVID-19 pandemic. Both 30-year and 15-year mortgage rates have been trending down across the country thus far in July. Ultimately, if you are looking to purchase a home in 2020 and have decent credit strength, July is shaping up to be a great time to do so.
New Listings in June
Throughout the month of June, the total number of homes on the market continued to remain quite low. However, it is clear that we are moving on from April and early May, a time in which new listings in the Baltimore region hit a decade low. The real estate market slowed down a great deal, as sellers were reluctant to list their homes and find new ones while sheltering in place. Now that restrictions have loosened and it’s easier for prospective buyers to shop for homes in person, it is reasonable to expect more homes to enter the market throughout the rest of July and into late summer.
Home Prices are Remaining Firm
Over the last few months, one of the most glaring issues in the real estate market was lack of inventory. Even in these conditions, home prices are remaining firm, and even increasing in some areas. Despite this increase, most sellers in the month of June still managed to sell their homes at above 90% of their original value.
Partner with Dan Cohen Homes to Navigate the Real Estate Market Today
To learn more about our investment options if you’re looking to sell your home or interested in property investment, please contact Dan Cohen Homes today.