June Market Update

Jun 15, 2021

Today’s market update really features one specific word, stability. It’s coming to the market. We’re finally seeing properties enter into the marketplace, and we’re really excited about it. As we look back over the past 30 to 60 days, we see more and more home sellers put their homes to the market. What this has actually meant for home buyers and sellers is that as much as there are multiple offers still on properties, buyers have more properties to choose from, which means that there’s encouragement there in the marketplace. 

We’re seeing sale prices now still increase up to $315,000; we’re seeing the average time for a home in order to get under contract from the date that the property gets listed on the MLS until the time that a seller takes an offer around 16 days. That’s the median that it would be on the market but we are seeing many properties sell within just four or five days. We’re also seeing sales start to stabilize, which means that the demand is presently very strong, but it’s starting to stabilize, which means that there are less buyers entering into the marketplace every single month than there have been in previous months. We’re also seeing that the months’ worth of inventory (these are active homes that are on the market) have started to stabilize to just over two months. So it’s 2-3 months’ worth of inventory which is consistent to our previous month. 

The Mortgage Market

We’re very excited about this because stability creates opportunity for you to really strategize this to your next step. One other area that stability has really started to present itself is also in the mortgage market. Over the past 30 to 60 days, we’ve seen some volatility happen in the MBS market, that’s mortgage-backed securities market. However, it’s generally stabilized if you look over that 30 to 60-day period. The 30-year fixed, even the 15 and 10 year fixed, have been generally stable. However, the 20 year fixed mortgage has dropped a little bit. 

What brings the stability?

Now, what brings the stability to the marketplace? Right now, it’s that the government has committed to buying these mortgage-backed security bonds at about 40 billion dollars per month. However, as they’ve seen the market start to recover nationwide, there is discussion within the Feds that they’re going to start to taper some of that purchasing, which may cause rates to increase and bring another level of stability and profitability to the marketplace. Hopefully this should provide an opportunity for home buyers and sellers. If you’re a buyer in the market and you’ve been waiting for prices to come down, well, this is not your chance, you might not see that for many months or even years. However, if you’re looking for an opportunity where you could potentially get into the market where prices aren’t exponentially going up, now, this may be your opportunity. If you’re a seller and you’ve looked to get out there onto the market, but haven’t been sure of which house you could possibly move to, you’re likely to see other neighbors or other home sellers put their property to the market, which would give you an opportunity to find a new place to go. 

Solutions for you

Now, we have solutions for this both on-market and off-market with home sellers who have raised their hand and say, “Hey, I’m looking to sell but I just don’t know where to go”. We have solutions for you. But if you’re a home seller and you’re possibly seeing a home that’s on the market now, it may be a great time for you as well to consider to put your house on the market. We have a seven-step plan for both buyers and sellers; to get the top dollar for your property in this current marketplace if you’re a seller and if you’re a buyer, in order to navigate the tricky obstacles that can show up with multiple buyers in the marketplace.


Another opportunity may be for investment. If you’re an investor in the market right now, and you start to see some stability occur, now may be an opportunity for you to move some of that capital into real estate and we’d love for you to reach out to us. Be sure to follow us on Facebook, Instagram, YouTube and also at www.brookegrouprealestate.com 

Once again, you can always reach us at www.brookegrouprealestate.com and Like us on Facebook, Instagram, and YouTube.

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