– Despite the pandemic, the real estate industry seems to be hopping back to life with the highest listings and pending sales in a year, as reported by Redfin.
– Ironically, a record number of contracts were dropped like hot potatoes causing a stir in the industry.
– Redfin, an online real estate marketplace, shares that the average buying season happened to kick off a month later than usual. Call it fashionably late?
– There was a homes ‘supermarket rush’ as buyers scrambled for houses – everyone wanted their piece of the home-pie.
– Sellers, being the shy butterflies they usually are, were reluctant to put their properties on the market due to the pandemic.
– Despite the need for social distancing, friendly neighborhood house tours increased by 36% in July. I guess, ‘virtual in, physical out’ doesn’t apply to everything!
– The average sale-to-list price ratio went up to 99%, the highest since 2012. It seems buyers are feeling generous!
Home is Where the Wallet Is
The Rise and Fall of Pending Sales
Never before had we imagined becoming armchair commentators captivated by the rollercoaster ride of the real estate market! It resembles the plot of a high-stakes drama series — no wonder it’s binge-worthy!
The Unexpected Turn
As we all sat at the edges of our seats, biting our nails, the suspense heightened. After seeing the record-high listings and pending sales, the shocking twist left everyone stunned: a record number of contracts were canceled. Talk about a plot twist!
The Late Arrival of the Buying Season
In quite a diva-like attitude, the average buying season decided to turn heads by kicking off a month later than usual. Now, that’s some high-tier drama!
The Race for Properties
Who needs reality TV when buyers decided to make home buying a race? The scramble for houses was like seeing supersized retail therapy in action!
The Reluctant Sellers
The plot thickens with our shy sellers, making a dramatic entrance, showing anxiety about opening their homes during a pandemic. Maybe they wanted a quirkier invite!
The Trend of House Tours
In a surprising turn of events, house tours grew by 36%, casting shadows to the giant strides made by the virtual world. People surely love their snooping adventures!
Buyers’ Generosity?
Ending the season on a good note, the average sale-to-list price ratio went up to 99%. Our protagonists, the buyers, have proven to be pretty generous, bringing a happy ending to this soap opera of the property world!
In conclusion, watching the real estate sector has become our favorite pastime this season. Whether it’s the scandalous cancellations, the high-voltage drama of the late buying season, the entertaining rush for properties, or the sweet surprises of house tours and generous buyers, we were hooked! In our new episode, will the industry maintain its charm or will it change its course? Until then, stay tuned and keep your popcorn ready!
Original article: https://www.inman.com/2023/12/15/rates-keep-falling-and-buyers-and-sellers-are-springing-into-action/
