Things are heating up, and I don't just mean the weather...
Week after week, for the past five weeks, the Mortgage Bankers Association has reported record-setting numbers of mortgage applications. This means more and more people have been applying for mortgage loans as they get ready to transact within the next three to six months.
The interest rates are still low, averaging about 3.25%, which is great news for buyers in the Houston area. These signs of a strong and healthy market are also great for Houston area homeowners, especially those who feared that prices would drop and the market would crash; none of that is happening, and we have no reason to believe it will.
We were in the spring market when lockdown started, so a lot of buyers who had been gearing up for an early 2020 purchase could no longer follow through on their goals. Now, those buyers on pause are hitting the ‘play’ button, and adding to the pool of buyers who’ve recently been enticed to act thanks to incredibly low rates. With all of this pent-up demand, we can expect a massive influx of buyers in the summer market.
“As we begin this summer season, I’m personally noticing more and more activity.”
Governor Gregg Abbot has announced Phase II of reopening our state economy, which affects the status of open houses. Under lockdown, we were not allowed to conduct open houses in our real estate market, but as recently as this week these restrictions have been lifted. This is great for sellers since it’ll mean greater exposure for your home. For buyers frustrated with the idea of virtual tours and photo browsing, it means you’ll finally have more opportunities to check out a home in person.
Now, keep in mind we are still following CDC guidelines, which means we’ll be doing everything we can to minimize contact and maximize sanitation.
As we begin this summer season, I’m personally noticing more and more activity. My buyers and I are safely touring more homes now than we were about a month ago. On some of our listings that went live just a few weeks ago, we’re seeing multiple showings—three or four every day. We’re seeing houses go under contract within days of being listed, and multiple-offer scenarios are still a common affair.
Overall, this is very encouraging news for all of us. I hope to have more news to report to you soon. In the meantime, reach out to me with any questions or concerns you may have. I’d love to be of assistance. Stay safe, and have a wonderful day!
