Real Estate Market Update July 31 2020
Hi everyone. It's Brad Rozansky. You know, has anybody noticed it's getting dark earlier. The summer, it's half over. It's the end of July, but this has been a different summer compared to any other one we can all remember. We're in the middle of a pandemic, but so many things don't make sense in today's world. Number one is the stock market is still rocking and rolling. The real estate market is as strong as I've ever seen it in my entire 42-year career. We have properties like this one at 4518 Cheltenham. That sold in a weekend with four offers and at a record price for the neighborhood. We're seeing appreciation and multiple sales, like we've never seen before.
What does this mean for you? Well, this isn't a sales pitch. There are opportunities now for sellers that we haven't seen in decades. If you have a large home in Potomac where you were thinking it was going to take you a year or two years to sell, it might sell in less than a month. It is just unbelievable out there. We're seeing an Exodus from the city into the suburbs. Interest rates! You can go out right now and get a 30 year fixed rate loan under 2.7%. That's right. 2.7% interest. Nobody has seen that in their lifetime.
As we end this historic month of July in the year of 2020, what are the real estate takeaways? Number one is interest rates, historic lows. Number two is there is no inventory, and your plans may be to move next year or the year after, or you're in a neighborhood that doesn't seem to sell well, well, you have an opportunity right now. What may change in the fall as we get into the winter is we have the presidential election coming up, and we don't know what the economy is ultimately going to be. So take advantage of what we know today.
If you're interested in some help with your real estate, please reach out to me at (301) 656-7700. And as they say in Hill street, blues, be safe out there.