Summer Is This Years Real Estate Season
The spring months are the typical time of year we see the Real Estate market heat up – but this year was different. With COVID-19 and the economic shut down many home buyers and sellers put their plans on hold across the nation. The Fernandina Beach and Yulee real estate markets were no different. Now, as the stay-at-home orders are lifting, data shows homebuyers are back in the market to purchase. What we usually see as the busy spring real estate season is shifting later, now pushing into summer.
Why this is good for Buyers
Mortgage rates are still at all-time lows, incentivizing buyers to buy this summer. Sam Khater, Chief Economist at Freddie Mac says rates have stayed below 3.3% for the fourth consecutive week. As states reopen they are seeing purchase demand improve remarkably fast.
Why this is good for Sellers
Low inventory – plain and simple. With the stay-at-home orders and concern of the virus many home sellers took their homes off the market. In addition, many more home sellers held off putting their home on the market in the first place, waiting for the lockdown to end. Inventory is well below last year’s level. For homeowners considering selling their home, this summer may be the best opportunity. With so few homes on the market for buyers to purchase, now is the opportunity to stand out from the crowd.
In the Fernandina Beach and Yulee Real Estate markets activity has increased steadily as Florida works through the re-opening phases. If you’re thinking of selling this summer a trusted Real Estate professional can help you list safely and effectively. Reach out to one and get your home in on the summer real estate season.