The resilience of the residential real estate market has been a key factor in 2020's economy. According to ShowingTime, a showing software and market stats service provider, homebuying has been growing consecutively month after month. Specifically, ShowingTime reported,
"Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity."
This growth has spanned all regions and proves sustained buyer demand among a dwindling supply.
From the downturn earlier this year that was caused by stay-at-home orders, the real estate market has come back stronger and is actually ahead of where it was at this time last year. There are predictions that this momentum will continue and home sales will increase by 8-12% next year.
With fierce competition among buyers looking to take advantage of favorable mortgage rates, now may be a great time for sellers to get top dollar on their properties.