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Chandler and East Valley Real Estate Blog - Troy Erickson Realtor

Why This Summer Is the 2020 Real Estate Season

6/25/2020

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Why This Summer Is the 2020 Chandler and East Valley Real Estate Season

Summer of 2020 is the new real estate season for Chandler and the East Valley. Troy Erickson Realtor
​With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel Kan, Economist at The Mortgage Bankers Association (MBA) notes:

                    “Applications for home purchases continue to recover from April’s sizable drop and have
                      now increased for five consecutive weeks…Government purchase applications, which
​                       include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which
                        is an encouraging turnaround after the weakness seen over the past two months.”


Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 100 points the week of June 20th (the highest it has been in a year). As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

                         “For the fourth consecutive week, the 30-year fixed-rate mortgage has been below
                    3.30 percent, giving potential buyers a good reason to continue shopping even amid the
                    pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast,
                                              now essentially flat relative to a year ago.”


With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

​
Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

                          “Weekly Housing Inventory showed continued tightening. New Listings declined 28%
                    compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes
                       to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very
                            few homes available for sale. As Time on Market was 15 days slower YoY, asking
                                                                     prices moved up 1.5% YoY.”


If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.
Bottom Line

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Reach out to a local real estate professional today to make sure you can get your house in on the action this summer.


If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Troy Erickson Realtor
Call/Text: 602-295-6807
[email protected]

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​Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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    Chandler and East Valley Blog: Troy Erickson Realtor

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    Troy Erickson

     "Real Estate is not just a job for me, it's about making a difference in the lives of others."​

    Troy has been blogging about Chandler and East Valley Real Estate in Arizona since 2006.  He stays current on local Chandler real estate by attending educational classes, and talking with title companies, home inspectors, lenders, members of the Chandler community, as well as constantly working with home buyers, home sellers, and investors within the Chandler and East Valley community.

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