Summer 2020: A Seller’s Market
COVID impacted real estate’s usual Spring purchasing season, but it looks like Summer has been the new replacement!
Real estate agents have been busier than ever with buyers and sellers entering the market these past summer months. According to the National Association of Realtors, contract signings have started off with a bang in August, with the most contract signings in the Midwest at 21%.
What do all these contract signings mean for buyers and sellers?
Fannie Mae’s most recent reports show that the percentage of people who believe it is a good time to sell increased 4% last month to 45%, which reflects a seller’s market.
Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, explains, “Supply constraints appear to be applying upward pressure to consumers’ home price expectations, which in turn has contributed to both a sharp reversal in optimism about whether it is a good time to buy a home and further improvement in home-selling sentiment.”
What will Fall look like for the real estate market? Experts will be keeping a sharp eye on how it all looks!
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