These Are Closing

As you know, the market continues to be hot. We are closing on these two listings.

The 6br/4ba, 3,036sf property on Georgia took a little longer than expected, primarily because the owner listed it just as the pandemic started. It was a timing issue that he could not avoid.

So, we had to struggle through a month of people’s uncertainty before prices started moving back up again and inventory continued to drop.

That time before closing was a harrowing time for our poor seller, after he put a lot of time and money into renovations. He was not a flipper. Rather, he was renovating a home he used to live in. That can be a nail-biter. But now, it closed and he is ready to move on.

The 1br/1ba, 849sf property at the mid-century Nonpareil condo complex will be closing this week. That one, like the other property we listed in there, had multiple offers and went under contract in a matter of days.

That can be expected. As we noticed in this month’s analysis, properties under $400,000 are getting multiple offers and very quick sales. The Cromford Report staff are reporting a huge drop in listings, while demand stays high.

Since these two went under contract, we have listed two more, which you can see here. We are also showing several different sets of buyers properties.

As you might guess, they are dealing with the shortage of inventory. When we see something good, we jump and run over.

I don’t have specific data for this, but I do believe that the shortage in the market now is ripple effect from the Great Recession. With prices for homes incredibly low, buyers bought second and third homes and companies bought hundreds. Many became traditional rentals and many became short-term rentals.

Regardless, they were taken out of the regular churn of inventory, leaving much less for the growing population to choose from.

How the market responds in the next four months will set the course for the next 2 years, I figure.