I love this time of year; it’s like the second New Year’s to me. Even though my back to school days with my 3 kiddos are in the rear window now, I usually feel like organizing and getting ready for a new school year! I was cleaning out my pantry yesterday with my cousin (thank you Kathy!) and my financial wingman, Kate Leach, and hubby were cleaning out their closets getting ready for fall clothes! In the real estate sales world, we usually get a break when all the parents are busy getting their kids back to school, which we did this past week. It’s been an exhausting pace ever since about June 1st when Indiana opened back up after the quarantine. I don’t think anyone saw this coming!
As reported in the WSJ weekend edition (I strongly recommend you getting this paper copy on the weekends by the way. It is so much fun. So many fun articles way beyond business and politics….. sigh) On the front page an article titled “Home Sales Reach Lofty Heights” stated that home sales surged in July to the strongest monthly gain ever recorded going back to 1968, +24.7% from the month before. And boy did we feel that here in NE Indiana! The following are a few of my observations about this after COVID-Quarantine recent market:
• I fully agree with the WSJ article that this surge was totally due to the quarantine. We have had low-interest rates for a long time and that generally led to many refinancing. I do see people that can pay cash financing though since the rates are record low.
• We have had a huge surge in buyers, but there has been so little inventory. Buyers have been hiring my team and I much like people do to list a home, under contract. This way we can work to dig things up for them that are not currently listed. And it’s worked wonders for them in getting just want they want. Please call me for details in you feel caught in the COVID-Market Catch 22. “I would love to sell in this great seller’s market but there’s nowhere to go!” We know how to get around that dilemma. CALL ME 260-385-9866
• Buyers have told me things like “I need a change of scenery”, “I want more land to spread out with our family of 6 and maybe put in a pool”, or “We missed our spring break which we look so forward to due to COVID. Then when the community pool opened up we could only use it on a restricted schedule. So we want our own vacation spot now.”
• And finally a note about my team; once we all started working from home I noticed a huge surge in our productivity after the quarantine. We still need our office and use it, but just not nearly as much on a daily basis. My assistant goes in to run command central, but the team members with children are so much happier and more productive working from home. Why is that? I think because we all are not in the office visiting too much, wasting time if you want my honest opinion! But it’s also that they can multi-task between calls, emails, laundry, dishes, meal prep, running errands, kids, working-out, etc. They love it. And I do too. How much more productive have we been? Through July 2020, we have sold 67 properties vs 48 in 2019, and an increase in sales volume of $10m. A 28% increase in sales units and a 33% increase in sales volume. Some of that is market-driven, but it’s brutal out there with little to no inventory for buyers. When we list something it’s sold almost immediately.
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