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How’s The Market?

Posted on: August 14th, 2020 No Comments

Half of 2020 is officially behind us and what a turbulent year it has been. It is time to evaluate the market’s performance over the 1st half of the year, report on the current environment and predict what’s in store in the months to come.

As we anticipated and due to the pandemic, real estate sales have decreased substantially for the 1st half of the year compared to 2019.
Even though real estate was considered essential by NYS, restrictions were placed on the industry on March 20, 2020 that made it nearly impossible to make sales. On June 4, 2020 NYS began phase 3 of its reopening plan which real estate brokerage is part of. This paved the way for real estate agents to begin meeting and showing clients properties face-to-face and in a more traditional way. NYS’s mandated COVID-19 safety requirements are practiced by our associates to ensure the safety of our clients and customers.
The market has been active since phase 3 began although the inventory of homes for sale remains stubbornly low. Steady buyer interest in purchasing homes is attributed to pent up demand as well as historically low mortgage interest rates.

The sweet spot in the Clinton County market remains homes priced up to $250,000 and the listings that are priced right are selling fast. Now is a great time to sell so please call us to take advantage of our FREE home value service.

We are forecasting a busy 3rd quarter with the hope of regaining losses sustained from the timeframe the economy was closed. As everyone knows, the future beyond the 3rd quarter is uncertain and hinges on the economy fully reopening.

We remain optimistic about the real estate market in the North Country. Our community has done its part to flatten the curve and “knock on wood”, there are very few COVID-19-positive people in our region. We are navigating through this unprecedented time period together and continue to hope we return to a more normal way of life.

 

 

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