Although, the Coronavirus has certainly not gone away, the demand for housing is drastically increasing as the state of Ohio continues to reopen and buyers are resume their home search. Housing inventory is low which is making the market extremely competitive for buyers. Let’s take a look at what happened during the month of May.
Mortgage applications are up 9% this week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage rates are still at a 60-year low with a national average of about 3.4%. During the month of May, 41 new listings in Barberton hit the market and 29 homes have sold. Referencing the chart below, the average days to sell has dropped from 78 in March to 21 in May.
|Month||Days to Sell, Average||Sale Price, Average|
Safety precautions are still being taken and CDC guidelines are being followed during all showings, open houses, appointments, inspections, etc. Virtual tours of homes have become a staple when listing your home and some sellers are requiring that potential buyers take the virtual tour before scheduling an in-person showing.
While we don’t know what is on the horizon, what we do know is that home values are holding steady and the market is moving very quickly. Homes are selling and they are selling fast. Are you taking advantage of these low mortgage rates?
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