Every home seller should know how to deal with multiple offers these days.Looking to buy a home? Click here to search all homes in your area.Looking to sell a home? Click here for a FREE
Your July 2020 Market Update
It’s a great time to buy or sell in our Billings market. Here’s why.
Looking to buy a home? Click here to search all homes in your area.
Looking to sell a home? Click here for a FREE home valuation.
There’s been a lot of change in our Billings area market lately.
With the pandemic shutting everything down for a while, a lot of pent-up demand has been released, and we’re seeing a very active market thus far this summer.
If you’re a home seller under the $325,000 price range, people are lining up to bid on your home. If you’re closer to the $400,000 price range, there aren’t as many buyers, but you can still benefit from a lack of inventory. In general, it’s a great time to sell due to so few homes being on the market. This has caused prices to increase slightly more than average, and we’re seeing many multiple-offer situations and offers that are tens of thousands of dollars over asking price.
We’re seeing a very active market thus far this summer.
What about buyers? Competition is fierce among those looking to purchase a house, especially in the median price range or lower. This means you should expect to encounter multiple-offer situations. You should also be aggressive about finding homes that have just hit the market and seeing them as quickly as possible. If it looks like a good opportunity, make an offer quickly.
One thing buyers have going for them is the historically low interest rates we’re seeing right now. I closed on a home the morning I recorded this video, and the buyer’s interest rate for a 15-year conventional loan was 2.5%. 30-year conventional loans are as low as 3%. Prices are going up, but low interest rates are keeping mortgage payments low, so it’s also a great time to buy.
If you’re looking to buy land, I have good news for you as well. I’m seeing a lot of land come on the market, and there are plenty of opportunities to build new homes and create natural social distancing.
If you have more questions about our Billings area market or have any real estate needs at all, don’t hesitate to reach out to me. I’d be happy to speak with you.