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Real Estate Update May 4, 2020

Huge Week In Real Estate. Last week or this week! Read why: Let's start with last week. 1. Last week was the first end of the month in the "new normal". It delivered, 479 closings (more will post this afternoon) compared to 488 the last week of March. No sign of "crisis" discounts. 2. 480 contracts were written in Wake County last week, compared with 386 the last week of March. 3. My data only shows 39 homes did not close as scheduled last week. Some will close, leaving a fall out rate of less than 8%. In 2009-2011 we were seeing weekly fall out rates over 30% in some markets. 4. Homes over $800,000.00 saw new contracts down this week, to 13 from 16. Next Week Is A Huge. Why? 1. May 8 will see loosening of rules in NC and Michigan is issuing rules for showing homes, something forbidden for over 6 weeks. 2. Wake county has over 450 homes in "no showings" or "coming soon". Many of these homes will be activated this weekend in addition to a large number of new listings. 3. Looking for a large increase in the number of showings. People are looking for a change of scenery. #raleighrealestate #caryrealestate #realestate #trianglerealestate

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