Clients and friends, I usually send out my mid- year LowellLofts report at the end of July but because we are going thru this crazy uncertain time, I thought it might help to update you on the real estate market in our area a little sooner.
First, to our families with children whose schools have shut down, to our senior citizens, to our heroes at the hospitals, the grocery stores, and our first responders, to our local businesses struggling and to anyone impacted by this pandemic, our hearts go out to you. Thank you for all you do.
For the last 15 years, I have been in real estate right here in downtown Lowell. I have been in many of your homes and I feel a part of this community. Many of you the past few weeks have reached out with concerns about your property. If you are concerned about the real estate market, I have listed some questions I am getting regularly:
How do I sell my home at this time? Homes are still selling. Mortgage rates have dropped to 3.15% the lowest they have ever been. It’s quite unprecedented. Lenders are extremely busy with new loans and refinancing. I have included a second page with downtown Lowell sales info since Jan1 2020. Here is some interesting info on current conditions. The market is still strong and only 7 fewer sales in 2020 comparing the same time last year. I won’t kid you the market has slowed with buyers not wanting to see properties in person but there is still activity.
Last year, Jan1 – May 30, 2019 there were 31 sales in downtown with an average sales price of $260,273/ $228 sq. ft. Average days till offer 54 days.
This year, same time frame Jan1 – May31 2020 there were 24 sales with an average price of $240,246 / $225 sq. ft Average days to offer 36 days.
This week there were 5 new listings. Buyers are are coming around and prices are remaining strong. Now is the time to list if you are thinking of selling.
How do I meet with you and still practice social distancing? We can facetime or a phone call, if you prefer, instead of an in-home selling consultation. I’ll likely have enough information to list it for sale with a quick tour on your phone, tablet, or laptop. Most sellers don’t mind if we take the time to photograph and video their property
What if I don’t want to show my house to strangers right now? We may be able to sell it without showings. I have sold 2 properties during the covid outbreak virtually. If we do need to show your home, I’ll provide hand sanitizer and anything else the CDC recommends lowering everyone’s risk of infection. Safety is my #1 priority for you.
Are housing prices dropping – should we wait to buy or sell? Some of the top Google searches now in real estate are “home prices dropping” and “home prices falling”. That’s not the case currently. We still have a housing shortage and need inventory. I’ll keep you updated on this.
As we work together a community to slow down this epidemic the market is still active and I’m here to guide you and make fact-based decisions. Maybe you or someone you know is looking to buy or sell. I’m here to help if you need anything! Let me know and please take care!
Sincerely LowellLofts Team,
John Callahan Caroline Armstrong
*Ifyou are currently working with a Realtor or real estate office, this is not a solicitation to gain your business.
JC@LowellLofts.com • 617.909.7037 • www.LowellLofts.com