Small businesses that borrowed $150K or less can soon apply for loan forgiveness directly through the Small Business Administration rather than their lender.WASHINGTON – The U.S. Small
Home Sellers May Need Some Patience ☘ Hoey Team ☘ eXp Realty
Dated: May 22 2020
Homeowners trying to sell during the pandemic will likely need some patience and a degree of expectation that the process could take longer.
Homes are taking about an average of 15 days more to sell—or about 27% longer—than a year ago, according to realtor.com®’s data reflecting the week ending May 16. This marks the largest increase in the number of days that homes have spent on the market since 2013.
Days on the market have been gradually increasing since the pandemic began. During the first two weeks of March, prior to the outbreak’s growth in the U.S., homes were selling four days faster than a year ago.
“Mid-May is normally the time of year when homes sell the fastest,” says Danielle Hale, realtor.com®’s chief economist. “Today’s median time on the market is more like what we usually see in late February or November.”
But stay-at-home orders and unemployment have prompted a slowdown in the market. The National Association of REALTORS® reported on Thursday that existing-home sales dropped 17.8% in April compared to March. Many economists view the sales slump as temporary, particularly given the sudden uptick in mortgage applications for home purchases.
But, while days on the market have increased, consumers shouldn’t assume it’s a buyer’s market now, housing analysts say. Home prices are staying firm. NAR reports that existing-home prices for all housing types jumped 7.4% in April compared to a year ago.
“This may be surprising to a lot of people,” Hale says.
But a tight inventory of homes for sale persists. The number of new listings dropped 39% year over year for the week ending May 2.
Hale predicts that days on the market will drop again in the late summer as more cities loosen restrictions and more potential buyers return to work.
Here in Southwest Florida, we continue to list and sell real estate. At our Team ☘ and Brokerage, we have been succesfully working 100% virtually / remotely for the past number of years as we grew, so we have been used to this new requirement, and we just had our eXp shareholders summit, virtually, using VirBELA, which powers eXp World; our virtual campus.
Article content from our National Association of Realtors (NAR) Magazine Newsletter and from other sources including Hoey Team ☘ eXp Realty
On this page we are adding a list of Vendors for COVID-19 related items here in SWFL. Please let us know if there is a Vendor / Store we should add: www.VisitCollier.Com Feel free to share with anyone looking.
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For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
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Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible.
Please let Kim or Barry know if we can do anything to help anyone in need here in Southwest Florida, weither it is for you or for a loved one, and we are able to help in a responsible social distncing way, we will certainly do what we can to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
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