Since the year is officially half over (that’s right….only half), we thought we would give you a quick overview of the current status of Long Real Estate from January 1-June 30. In spite of COVID, market instability, murder hornets, and everything else that came along with the first half of 2020, we are on track for a record-breaking year thanks to your support and referrals! We seriously cannot emphasize enough how appreciative we are every time someone refers us to their friend or family member. Your thoughtfulness of passing our name on is what keeps us in business. We are busy, but we are NEVER too busy for your referrals. Even if you know of someone who just wants to talk about their options, we would love to have a conversation with them.
What impact has Coronavirus had on the real estate market so far?
As expected, the local market slowed considerably during the stay at home orders, with the greatest impact on new listings and pending sales activity. The data shows that the local market has fared well above expectations, with positive increases in some areas including average sale price and closed sales. Many areas of the country have seen severe downturns, and although we cannot predict what will happen throughout the rest of the summer and fall, all of the first and second quarter indications for the Kansas City real estate market for 2020 are promising.
According to realtor.com’s newly released “Housing Market Recovery Index”, our area is nearly back on track to the expected pace that we saw before the drop in March. As much as we’d like to provide a report with a reliable market forecast, the truth is that this is uncharted territory for both the local and national real estate market and it is happening within an election year which also adds to the unpredictable nature of this situation. What we can tell you is that right now there are many, many buyers still wanting to buy and a severe lack of inventory in our local market. It’s a sellers game, yet buyers are in strengthened positions due to lower interest rates and improved purchasing power. We are intensely plugged into the nuances of the market and are doing more research than ever to help give our buyers and sellers the most accurate information and realistic guidance. Even if you’d like to just have a conversation about the market in your area or your future plans, we’d love to hear from you, so please don’t hesitate to call…and if you have family or friends who are entering the market this year, we’d be honored to have an opportunity to earn their business. This time, even more so than usual, calls for an experienced agent who values protecting clients’ interests over making a sale.