Market Update: For the first week since “shelter in place” occurred, new homes on the market increased by 8% and homes sold increased by 9% week over week. Although the economy at large isn’t out of the woods, this is a great positive sign of our local market.
Here are a few different scenarios we are seeing play out.
1. Work from home: Buyers are able to work from home more and we see this trend continuing. If you can work from anywhere, why not live in a more affordable state where quality of life is higher and housing gives you a better “bang for the buck.” We had buyer consultations with buyers from Oregon, Washington and New Jersey in the past week alone.
2. Now that I’m home: Now that people have lived in their homes, one of two instances is occurring. Some clients of ours are finding that they love where they live. Others are discovering that their home is too large, or too small or not exactly what they wanted. This means that they are starting to “shop for Plan B” while they’re still living in Plan A. We know this is driving online traffic for home shopping to an all time high.
We have buyers looking to move and need sellers to help fit those buyer needs. We have completely re-invented the way we are conducting business to increase safety and effectiveness in driving strong home offers for our clients.
If you know of anyone that needs our help, please let us know. We’re here to serve and consult to help you navigate this time.
Seychelle, Barb and the whole VPP team
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