real estate news
for the Shenandoah Valley of Virginia
It happened! 30 Year Mortgage Purchase Applications surpassed last year! This may mean home purchaser's demand will translate into more contracts in the coming weeks. This is great news for sellers. However, this may also mean more competition for purchasers. In a competitive market with a low housing supply, it is important for purchasers to work with a qualified real estate professional to help secure their next home.
Is the market really slowing down or is there more to the numbers? Perhaps there is more to the numbers. As we look at the year to date numbers that have slowed, there is a domino effect that starts with housing supply. In a market that already had a shortage of housing, COVID-19 caused sellers to delay bringing their home to market and to even take their home off the market. Less homes on the market equates into less contracts and eventually less closings.
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