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What's Happening in the Real Estate Market This Week?

Despite the pandemic, according to a newly released report from the National Association of REALTORS®. 35% of REALTORS® reported no delays to closings in a snapshot survey conducted on April 26 & 27.

  • Interest rates continue to encourage buyers and despite a huge increase in unemployment claims, many potential buyers are still working and see opportunities in the market

  • Inventory is still low compared to previous years so we need more sellers to jump in. In the area I monitor in Monterey County, we are about 20% behind last year at this time.

  • A NAR survey conducted April 12 and 13 showed a quarter of REALTORS® had clients go into escrows on homes that week without even physically seeing the property.

  • Virtual tours online are becoming the "new normal" and agents are conducting private video showings via ZOOM, Facetime etc...

  • Home prices seem to be holding with no huge price declines at this time

It's an unusual time but we are all figuring out ways to adapt.

Source: National Association of Realtors Magazine

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