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    Homebuyer Traffic Is on the Rise

    One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.

    ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:

    “Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”

    That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:

    • The Northeast was up 76.6%
    • The West was up 56.7%
    • The Midwest was up 52.1%
    • The South was up 46.7%

    The Housing Market Is Showing a ‘V’ Type Recovery

    ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):Homebuyer Traffic Is on the Rise | MyKCMWe’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:

    “On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

    Bottom Line

    If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.

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    Danny Cheung

    I spent over twenty five (25) years with the Department of Defense in the hardware/software design and development as well as program management prior to joining the Group in a full time capacity. I am thrilled to put my years of experience as an Electronics Engineer to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively thus ensuring our clients full satisfaction. My wife and I have two daughters and a dog (he's more like our son). I enjoy travelling and watching sports especially football…Go Skins!

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