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One Month into Covid-19 and Tri-Cities Real Estate still stable

Market Update 4/19/2020- What is the Real Estate Market doing today?
Today has been one month since I began tracking daily activity due to the Covid-19. Most data is collected over the last 6 month data in a normal market. Today’s environment called for us to pay a little more attention in order to help our clients the best we can.
Community Real Estate had a great week with new listings and writing contracts for our ready and active buyers. Our Buyers are putting deals together, sellers are getting offers at or near list prices.
This morning that active home count is 599 and over the last 30 days averaged 596 homes available to home buyers. Showing signs of stability and continued low inventory for the Tri-Cities. The under contract homes(pending) as of this morning is 785 which was 9 homes more than Monday the 13th showing buyers still very much in the market putting homes into contracts. The great numbers of the week were the closing(sold) properties with 58 homes closing and new homeowners achieving their goals of home ownership. W
The data shows lenders and banks are still able to fund the loans and that even with millions on unemployment there is hope to find a way to take advantage of the historical low rates. After today we may even begin to see closings on homes that have gone into contracts during the Shelter In Place orders now that we are cresting 30 days of data.
Home buyers you should be getting pre-approved and finding an aggressive buyer’s agent like us. Right now is the best chance you will get to find your new home. Your best advantage is that there are fewer buyers than ever. Some buyers are waiting because they are nervous, others have been laid off from work so aren’t able to make a purchase yet.
If you need to sell to buy then getting your home’s market value in today’s market is something we can help you with. We have lists of buyers waiting on homes. That said our team of aggressive Home Buyer Specialist have been competing all week on the current inventory of active homes putting some of our buyers into contracts. Our Listing Specialist are assisting new sellers with staging and pricing options in order to get their houses sold. We are currently looking for homes in variety of pricing points.

The Covid-19 Pandemic will have some effect on 2020 but it is still unknown how long or how much impact we will see here in Tri-Cities. We are watching the market daily to guide you through these challenging times. Check back daily for your next report or give us a call to provide you a personal copy of our report.

58 New Home Buyer’s Closed on their new homes last week.

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