Real Estate Greetings!
It’s a crazy time in the world yet we’re feeling positive about the future. Check out the trends with real estate sales in Salisbury, Maryland and surrounding areas. You would think with all the turmoil with the Covid-19 pandemic real estate sales would be dropping. Not the case, we are seeing in 2020 Q1 is pretty much the exact opposite. Median and average home sales prices are up 12.5 % and 17.1% respectively for the year in Wicomico County, and most surrounding counties are showing similar trends. The area where we see a negative trend is in houses for sale and months of supply. Housing inventory has been low, and Covid-19 has contributed to this with delayed listings and properties being withdrawn or paused. The result of this is higher home prices as demand outstrips supply. Basic Economics. This may be a great time to list your house!
Of course the effects of Covid-19 in Q1 was just part of February and all of March... Q2 will be a different story for sure with the entire quarter bearing the brunt, yet we predict the only serious impact will be steeper decreases in houses for sale. On the bright side we think we are moving towards better albeit different times. Some current studies are already showing people are reevaluating their lives and we think you will see a trend in people who currently live in congested urban areas looking to escape those confines for the simpler rural life... something which is abundant here on the eastern shore.
With mortgage interest rates at historic lows (2.9% - 3.5%) coupled with the trends we see, anyone who's been sitting on the fence waiting to make the move up to a newer/bigger home, or if you have been considering downsizing, now might be the time. Check our Web Site MorewithMomme.com or our Facebook page @MorewithMomme to see homes currently available in the area and market trends. If you are interested, please sign up for a home valuation…Our promise:
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Kathleen and Andrew