It’s official: the current real estate market is one for the record books!
The exact mix of conditions we have today creates opportunities for both buyers and sellers. To learn more about how to take advantage of the current market, read my latest blogpost “5 Factors That Reveal Where The Real Estate Market Is Really Headed.”
If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition amongst buyers has never been fiercer. And with homes selling for record highs,[1] the appraisal process is receiving more attention than ever. That’s because, in a rapidly appreciating market, a property is more likely to appraise below the sales price—which can lead to major repercussions for both buyers and sellers.
Learn how to determine your current net worth and how an investment in real estate can help improve your bottom line.
Among its many impacts, COVID-19 has had a pronounced effect on the housing market. Low home inventory and high buyer demand have driven home prices to an all-time high.1 This has given an unexpected financial boost to many homeowners during a challenging time. However, for some renters, rising home prices are making dreams of homeownership feel further out of reach.
Imagine the first place you lived as a young adult. Now imagine trying to fit your life today into that space. Not pretty, right?
For most of us, our housing needs are cyclical. A newly independent adult can find freedom and flexibility in even a tiny apartment. That same space, to a growing family, would feel stifling. For empty nesters, a large home with several unused bedrooms can become impractical to heat and clean. It’s no surprise that life transitions often trigger a home purchase.
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Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments – particularly, the San Diego area – we’re seeing multiple offers for homes in the most sought-after neighborhoods. This has led some sellers to question the need for an agent. After all, why spend money on a listing agent when it seems that you can stick a For Sale sign in the yard and just wait for a line to form around the block?
When COVID-related shutdowns began last March, real estate brokers scrambled to respond to the shift, and homeowners debated whether or not to put their houses on the market. What followed was a period of unprecedented demand in the U.S. real estate market, which ended the year with increasing average-home prices and shrinking days on market.
We’ve all spent a lot more time at home over the past year. And for many of us, our homes have become our office, our classroom, our gym—and most importantly, our safe haven during times of uncertainty. So in 2021, it’s no surprise to see that designers are emphasizing soothing color palettes, cozy character and quiet retreats.
The start of a new year always compels people to take a fresh look at their goals, from health and career to relationships and finance. But with historically low mortgage rates, increased home sales and price growth, and a tight housing inventory, the time is right to also make some homeownership resolutions for 2021.
This year has demonstrated, perhaps more than ever, the importance of our family, friends, neighbors, and community. And with the holidays right around the corner, December offers the perfect opportunity to give back to the place we call home.
Let these 10 ways, both big and small, inspire you to do good, wherever you are this season.
Most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last well into the new year.