April showers have definitely brought in those beautiful May flowers! Did you know that May is actually named after the Greek Goddess Maia? Goddess of springtime and warmth, Maia is said to encourage plant growth by using her gentle heart to coerce plants into full bloom. As we enjoy the fruits of Maia's flowery creations, we can all look forward to the plethora of events that accompany the warmer weather and colorful scenery of the season.
Fine Nest gladly provides the most up-to-date real estate information, along with COVID-19 updates, and other resources we hope are useful to assist you and your loved ones continue navigating this unusual time.
The Latest News
May Market Metrics Report
We've finally reached one year since the pandemic really started to effect the real estate market. April statistics Year over Year (YOY) show a large increase in inventory, closings, and sold prices across the board. However, don't let those numbers fool you. The pandemic data has created a false sense of increased inventory for the 2021 year given 2020's even lower inventory numbers. Today, we are still riding the rough waves of a sellers market with nationwide inventory at 53% lower than it was in early 2020 according to data statistics from Realtor.com. This means that buyers are working with over 50% fewer houses on the market from which to choose, while sellers are selling at much higher prices (Up 17.2%!) due to massive demand.
Fine Nest still encourages home owners looking to sell their homes to take advantage of this competitive market and obtain the best value on their homes. Buyers are still encouraged to take advantage of the lower interest rates before they go up again. The competition remains extreme and it is recommended buyers should anticipate potentially placing multiple offers to purchase their dream home or simply wait until the market evens out.
CDC's Eviction Moratorium Revoked
Earlier this month, a federal judge in the District of Columbia struck down the nationwide moratorium on evictions that was imposed during the Trump administration and later extended by the Biden administration into June 30, 2021. While the Justice Department has already filed an appeal to this motion and a temporary stop has been issues, it is unclear how the ruling will affect the real estate market overall. Read more about it HERE