We are all negotiating uncharted waters with the current national emergency and we have naturally been asked several times in the past few days how this affects our Iron County real estate market.
There are a number of key factors in our marketplace that have not changed at all as a result of the present situation:
- Our local economy and jobs market is in great shape.
- Mortgage rates remain ultra-low around record low levels and extremely attractive to buyers. Just ask any loan officer how busy he/she is right now!
- Overall real estate sales are better than any other time in the past decade!
And with the Federal Reserve having just announced a dramatic fall in its funds rate, this will reduce the cost of other borrowing and provide an even greater incentive for buyers to act right now!
Even realtors in those areas hardest hit by the current problems are still reporting a normal flow of buying and selling. While there has been the occasional cancellation of an open house or removal of a listing, properties are continuing to sell because the current market is almost a perfect win/win for sellers and buyers alike.
We put four homes under contract last week. We listed two mid-week. Each had multiple showings and we’re writing a full price offer on one today. Two offers came in over the weekend and we helped a dozen agents line up showings for homes we currently have listed. What's undeniable is that the market is still arguably in the best shape ever!
Please stay safe and don't hesitate to reach out to us to discuss any aspect of the current market conditions.
