Hi Valley Village Homeowners,
I hope that you enjoyed the 4th of July holiday and are keeping cool in the heat of summer!
We are seeing that COVID-19 has had an interesting effect on real estate sales. The market has been effectively cleared of buyers and (for the most part) sellers that are not completely serious. The result is that properties are selling at lightning speed when priced correctly.
Current real estate conditions here in VALLEY VILLAGE… things are heating up! In June we had 4 condos and townhomes that sold (2 have closed in July already), 6 are currently pending, and 2 are under contract, while we have 14 active listings.
This means that we have about a one-month supply of property available to buyers, which is considered to be far too little for a “healthy” market. The good news is, that applies upwards pressure on our property values! You’ll find current sales activity enclosed with this letter.
Further evidence that buyers are out in force comes from data for mortgage applications. We are seeing unprecedented volume of new mortgage applications. Mortgage applications for home purchases are up 33% from last year! The synopsis of the story is, buyers are more than ready if sellers are willing to sell. You can read the full article here: https://bit.ly/LARE72020
On a fun note, you may remember a recent flier for an Amazon gift card drawing that we were doing at Coldwell Banker. Well, one of my clients Michael M. won a $100 gift card! I’m excited to offer you a new opportunity to win a TARGET GIFT CARD. You can enter through this link https://bit.ly/July2020Giveaway. Just in time for back-to-school or for any general necessities that you might need.
Please remember as your neighbor and local expert Realtor, I am here for all of your real estate related questions & needs. I’m always just a text, call, or email away.
Kind Regards,
Luke
