If you’ve been considering a move, now may be the best time to put that For Sale sign in the yard! Despite COVID-19, our local market is thriving as demand surges for accurately priced homes. With listing inventory and interest rates at historic lows, both buyers and sellers can benefit from making the move.
With limited inventory available, sellers who correctly price their homes are seeing quick responses. Multiple offers are not uncommon, especially below $300,000. Buyers are seeking to take advantage of extraordinarily low interest rates, which fell to 3.16% in June for a 30-year fixed-rate mortgage and recently plummeted to 2.98% — the lowest rate in Freddie Mac’s records dating back to 1971.
Buyers seeking to make a deal should be aware that the competition is fierce due to limited inventory. At the end of June, there were just 166 active listings in Lawrence compared to 293 last year, which was also a very low number. Buyers must be pre-approved for their loan and be willing to act fast with solid offers if they find the right one.
McGrew Real Estate continues to prioritize the safety and well-being of our community during these unfamiliar circumstances. To meet the needs and concerns of all our clients, we offer multiple ways to view a property. Virtual Open Houses and Tours allow for convenient at-home viewing while many sellers opt to show their home By Appointment Only. Others hold Open Houses using McGrew-authorized regulations that all parties must adhere to, which include mandating masks and observing 6-foot social distancing. Technology remains a valuable tool during COVID-19.
Our agents and staff are dedicated to providing the highest level of service to our clients, and we will continue to work to create a safe environment.