We hope that this Wyoming real estate market update is finding you healthy and well. Last week, we found out that Wyoming Governor Mark Gordon relaxed many of the restrictions that had been in place regarding how many businesses in the state could operate. So far, the affected businesses include restaurants, gyms, salons, massage therapy, and several others. This is the first step in helping our great state of Wyoming get back to a new version of normal.
Given this new information and movement, we at 307 Real Estate have been getting a lot of questions about what the Wyoming real estate market is actually doing and how it looks as we move forward. Statistics from the month of April show that new listings are still coming on the market and that properties are still being sold. Real estate is still steady and moving in all of the counties where 307 Real Estate does business.
Mortgage rates have stabilized and continue to be low after the Fed lowered rates over a month ago in response to the COVID-19 pandemic. With rates being near historic lows, it is a great time to lock in a low mortgage rate whether you are a first-time homebuyer or just looking to move up or down in the market. With these low rates, banks have also become incredibly busy. Not only are people looking to buy homes at these rates, but they are also looking to refinance their existing mortgages to take advantage of the historically low rates. If you are going through the mortgage process, you may need to have some additional patience and allow the bank a little extra time to process everything.
It should not come as a surprise that no one is exactly sure what our new “normal” will look like. What we do know is that Wyoming continues to be an incredible place to live and to call home. We currently have more buyers in the market than we do sellers which has led to pent up demand. If you have been considering putting your home on the market, now is the time.
While no one has a crystal ball, we anticipate that the real estate market in Park, Johnson and Sheridan Counties will remain steady and strong throughout 2020. We are continuing to move forward and do business (maintaining our appropriate social distancing and health precautions, of course), and we are here to help you with whatever real estate needs you may have now or in the coming months.
What else do you need to know about real estate in the coming weeks and months?
If we can help you with real estate or with anything else you may need in any of the communities in which we do business, please do not hesitate to reach out to us at 307-587-4959.