Y’all. It’s August-hot outside, my grays are showing and my hair is running wild. Crazy to think that it’s still July and there’s no end in sight to this
summer Covid schedule. In all the madness, though, I’ve buried my nose in numbers as I work our Grassland Real Estate market. This has been my glimmer of good news and hope as we muscle through 2020 and I’m happy to share it with you!
Things Are Looking Up
I can’t tell you much about the economy or what we should do about our children’s education right now. But if you’re thinking of selling your house any time this year, keep reading.
In the past month, between June and July, we are seeing Real Estate records broken! Home sale profits right now across the US are crushing stats from previous years. On average, Attom Data reports the typical home sale in the second quarter of 2020 was 36.3% higher than what Sellers paid for their home. This is HUGE!
“The housing market across the United States pulled something of a high-wire act in the second quarter, surging forward despite the encroaching economic headwinds resulting from the coronavirus pandemic,” says Todd Teta, Attom’s chief product officer.
Let’s put this 36.3% return on investment it into perspective: If you bought a home for $500,000, you may be able to sell now for more than $680,000! This is a *new* high since the Great Recession recovery began in 2012!
And with mortgage rates dipping below 3%, you may be in a great position to get more house for your next purchase right now. Win-win!
Comparing Grassland’s Numbers
This year, from June 27th to today, July 27th, has been especially busy. We had 47 closings of homes zoned for Grassland Middle School in the past one-month period. (During this time in 2018, we only had 39.)
- Median 2020 Sales Price: $584,000
- Median 2020 Days on Market: 3
- Median 2020 Sales Price to List Price Ratio: 100% (This means homes are getting FULL PRICE!)
So, our most recent numbers show that accurately priced homes are selling within days and getting full price. Realtor.com reports “Homes are selling faster than they did in 2019, when no one had heard of Covid-19”
So how was Grassland comparing in 2019?
- There were 64 home closings
- Median Sales Price: $544,200
- Median Days on Market: 7
- Median Sales Price to List Price Ratio: 99%
It’s no surprise that we’re fetching more money for our homes, they’re selling quicker and for asking price right now when you consider the dramatic decrease that we’re seeing in homes on the market. That’s the only number that’s gone down from 2019 — 47 to 64 — that’s a 27% drop in the amount of homes For Sale year-to-year in Grassland, which is creating quite a buyer frenzy.
The National Association of Realtor’s Chief Economist Lawrence Yun explains it this way, saying “Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.”
Let’s Talk Strategy
I know things are CRAAAAAAAAZY right now with kids getting back to school – or not – or sort of. But here is a strategy to consider: Since finding your next home would be the challenge, do it now while everyone else is distracted by the school situation. The buyer frenzy will probably take a quick breather for the next week or two (though it won’t go away), then you can sell your home quickly if it’s priced right. It takes a bit of a tap-dance to coordinate, but it’s something I help facilitate every day.
And do you know?… We’re also doing our small part to help the economy recover as well! This is because housing-related spending accounts for about 15% of the country’s GDP, according to Franklin Loan Officer Joseph Porter.
So while my hair is crazy curly and my grays are out of control — and who in the world knows when “summer” will really end — I take some solace in knowing there is a light at the end of the tunnel. Maybe making a move right now could be a silver lining for you.
If you need to sell your home and want honest advice, please call, email or text me! I provide a free consultation to see what your home could sell for – or to get you pre-approved to buy. I’m a Grassland area resident and I’m a Platinum Award-winning Williamson County REALTOR® ranking in the top 2%. My business has been featured on TV and our success is the topic of an article in the July edition of Nashville Real Producers magazine. But most importantly, I specialize in helping my friends and neighbors buy and sell homes!