Welcome to another edition of Mark’s Market Update.
The message is the same
• A weakness in inventory
• A sellers market
• Incredibly low interest rates
A matter of fact my wife and I refinanced for 15 year at 2.3% today.
When we look back over the last 3 months we have all been at home a lot more. There have been some common trends across the country.
-People are moving from the city to the suburbs, you see that in New York and California significantly. We are not seeing that migration as much here because the population in our area is still heavy in the suburbs.
-The big trend that we are seeing with both buyers and sellers right now is migration towards family. We are seeing a lot of our sellers selling their home so they can be closer to their children, their grandchildren, their parents. We have clients moving all over the country to be closer to family.
A matter of fact we saw this in our own household. We were blessed that my in-laws moved from Arizona to St. Louis to be closer to their children and their grandchildren. Although they moved about 1 1/2 years ago, it was a blessing that they were here during the last 4 months.
In a lot of the homes we are selling, we are seeing that the buyer is moving to our state to be closer to family, which is a little unusual since traditionally a lot of relocations occur due to jobs. But this is a great new source of relocation -- to be closer to family.‼️
If you have any questions about buying, selling, investing, what's happening in the market, don't hesitate to call, email or text. Have a fantastic week.‼️