Apparently, the hottest pandemic purchase is a HOME, and that’s not just a guess. A shocking volume of homes are selling very rapidly. The National Association of Realtors (NAR) released a report in late September finding that existing home sales had hit a 14-year high in August. Separately, Bloomberg reported that if homes continued to sell at that rate, the US would run out of new homes inventory in just over three months, the shortest such time frame in records dating all the way back to 1963.
The trend has only continued from there, with the housing inventory here in the 78681 zip code dropping to a shocking new low in October of 0.3 months, an incredible change of -83.7% from this same month last year. People want your house NOW!
Homes in our zip code are also selling, on average, for more than list price while remaining only between 6-13 days on the market. Buyers are desperate because homes are flying off the market so quickly. Redfin reported that one-third of U.S. homes on the market in September sold above listing price, the highest level ever recorded. In our zip code the average sale price is 100.6% of the original listing price.
According to Business Insider, the eagerness to buy a home is also fueled by low mortgage rates — mortgage applications are up 22% compared to last year. Mortgage rates now are among the lowest ever offered — US 30-year mortgage rates have hit a dozen lows in 2020 alone.
If you, a friend or family member are even considering selling, now may be the time. You owe it to yourself to get the best information available. I can help.