'The Market' Housing Update for June
DKG's Monthly Housing Market Update
After a tough few months, things seem to be turning an optimistic corner. But take note. Although economists say Americans are currently in a recession, the situation is far different than the catastrophic chain of events that led to the housing crisis several years ago.
The real estate market is holding on strong this month despite many individuals worrying about the state of the economy due to dramatic spikes in unemployment rates related to COVID-19. This current recession is presenting itself with more homeowners enjoying equity in their investment and the ability to trade up, with a shortage of local inventory, and with lenders adhering to stricter processes to avoid flimsy deals.
Great news for sellers: Interest rates are low, and buyers are eager fueling a sellers market and competitive offer situations.
Looking ahead, many previously sidelined sellers are beginning the home sale process, which will generate more coming-soon homes to help quench the needs of millennial homebuyers making their way to Silver Spring’s suburbs.
If you’ve been thinking about selling your home, we’re here to help you prepare to sell for more. We can’t wait to hear from you!