Salt Lake City Utah Real Estate Report There were always…
Finding Houses for Sale
The number of homes listed for sale has been chronically low for many years now. With the depressing effect of the Corona Virus, amidst the race for a Covid 19 vaccine, more listings have been removed from local state mls databases.
As we recover from the Corona Virus shutdown, home buyers return to their hunt for homes for sale. Even if new home construction should regain its momentum, we’re likely not going to see enough single detached houses for sale this year.
In fact, this most recent chart from NAR shows housing supply very low, and that single detached houses for sale are not coming back at a good clip.
The data from NAR bears out the shortage of houses for sale. Searches for houses for sale on Google during the week of May 10 to 16th, is at the highest level since 2014.
Although buyers financial capability might be lower, and acquiring home loans might be tougher, interest in owning a home is higher than ever. There’s no doubt the Corona Virus threat has flushed more potential buyers into the marketplace.
Home prices haven’t fallen, and in fact, may rise again in the fall as the Covid 19 epidemic slows.
Houses for Sale
If you’re going to be successful in your quest to buy a home in 2020, you’ll need a good strategy. That will involve a Realtor, but also additional sources of selling leads. Zillow and Realtor.com will be two real estate listing portals you’ll be searching.
There might be a slight rise in houses for sale in the coming months, due to unemployment, inability to pay property taxes, and mortgage defaults.
Housing Trends to Know
More people will be moving out of the city to rural areas. This trend is already occurring, so we can expect prices to rise in small towns in your state or province. In fact, with remote work being another strong trend, you might be looking to other states to move to.
Finding a cheaper house might mean moving a long way to the US heartland for instance. These towns offer a more peaceful and safe home base for you and your kids.
Take a quick scan of these homes for sale in Iowa City, Iowa as an example, to gauge home much house you can have to as low as $200,000. Buyers in Los Angeles, Fort Lauderdale, San Francisco, Dallas, Denver, or Seattle might faint at seeing these house prices. You can live like a King in some wonderful communities.
Homes for Sale Los Angeles
Check out both the Los Angeles housing market update and the home prices in California report before you begin your home search. It’s important to know the economic and housing market trends, and avoid getting led down the garden path.
Homes for Sale in Florida
Florida will always be popular, and for those selling in Dallas, Denver, San Francisco, Los Angeles, Seattle, or New York, or Boston, you’ll find prices in Fort Lauderdale, Miami, Palm Beach, Boca Raton, Tampa, Orlando, Jacksonville, Naples or Panama City a pleasant surprise. Prices in cities such as St Augustine might be ideal and the climate in this area is perfect.
Homes for Sale in Texas
The Oil industry is looking better of late with the a more positive oil price forecast. Cities such as Dallas, Houston, Austin, San Antonio and Fort Worth are having challenges. That will drive prices down to perhaps an affordable level in the last 6 months of 2020. As the shutdown ends, sellers will be listing more houses for sale. This is one of the few bright spots for buyers in the last 5 years in Texas.
Homes for Sale in New York
The Covid 19 Crisis has been brutal for the Manhattan housing market. The trend now is to find houses on Long Island or perhaps inland that are more affordable and where the Corona Virus threat is diminished. The work from home trend is a big worry for Manhattan landlords.
Houses for Sale in Denver Colorado
Looking to enjoy the wide open spaces of Colorado and amazing life in Denver? Low oil prices and lower tourism numbers have taken the pressure off home prices here. You may find the dream house you’ve always wanted right here in Colorado. Check out houses for sale on Zillow.
Houses for Sale in Chicago, Illinois
Illinois is a large state, where house prices are definitely a bargain for house hunters. With mortgage rates low and a subdued economy, this may be the perfect time to buy in Chicago, Peoria, Rockford or Springfield. Learn more about the Chicago housing market and the outlook for Illinois real estate.
The more you know about these markets, the more likely you to choose the best time to buy a house. Timing is important just as much as casting a wide home search net.
Is your city not listed? Try a home search on Zillow.
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