{"id":817,"date":"2020-05-27T13:55:56","date_gmt":"2020-05-27T13:55:56","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=817"},"modified":"2021-01-28T18:23:32","modified_gmt":"2021-01-28T18:23:32","slug":"summer-2020-real-estate-season","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/summer-2020-real-estate-season\/","title":{"rendered":"Why This Summer Is the 2020 Real Estate Season"},"content":{"rendered":"
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Why This Summer Is the 2020 Real Estate Season<\/p><\/div>\n

With stay-at-home orders starting to gradually\u00a0lift<\/a>\u00a0throughout parts of the country, data indicates homebuyers are\u00a0jumping back<\/a>\u00a0into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.<\/p>\n

Joel Kan<\/a>,\u00a0Economist\u00a0<\/em>at\u00a0The Mortgage Bankers Association (MBA)<\/em>\u00a0notes:<\/p>\n

\u201cApplications for home purchases continue to recover from April\u2019s sizable drop and have now increased for five consecutive weeks\u2026Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.\u201d<\/em><\/p><\/blockquote>\n

Additionally, according to\u00a0Google Trends<\/em>, which scores search terms online, searches for\u00a0real estate<\/em><\/a>\u00a0increased from 68 points the week of March 15th<\/sup>\u00a0to 92 points last week. As we can see, more potential homebuyers are looking for homes\u00a0virtually<\/a>.<\/p>\n

What\u2019s the Opportunity for Buyers?<\/strong><\/h4>\n

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater,\u00a0Chief Economist<\/em>\u00a0at\u00a0Freddie Mac\u00a0<\/em>indicates<\/a>:<\/p>\n

\u201cFor the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic\u2026As states reopen, we\u2019re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.\u201d<\/em><\/p><\/blockquote>\n

With mortgage rates at such low levels and states gradually beginning to reopen, there\u2019s more incentive than ever to buy a home this summer.<\/p>\n

What\u2019s the Opportunity for Sellers?<\/strong><\/h4>\n

Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for\u00a0sale<\/a>\u00a0this month as compared to last month, current inventory is still well below last year\u2019s level.<\/p>\n

According to last week\u2019s\u00a0Weekly Economic and Housing Market Update<\/em>\u00a0from\u00a0realtor.com<\/em><\/a>:<\/em><\/p>\n

\u201cWeekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.\u201d<\/em>
\n<\/em><\/p><\/blockquote>\n

If you\u2019re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list\u00a0safely and effectively<\/a>, keeping your family\u2019s needs top of mind. Buyers are looking, and your house may be at the top of their list.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re thinking of selling, many buyers may be eager to find a home just like yours. Let\u2019s connect today to make sure you can get your house in on the action this summer.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Real Estate Market Finish Reading Why This Summer Is the 2020 Real Estate Season<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,27,91,52,9,49,42,40,63,20,12,24,48,47,19,198,39,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/817"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=817"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/817\/revisions"}],"predecessor-version":[{"id":819,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/817\/revisions\/819"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}