A recent Housing Wire article describes today’s real estate market as a “circus”. If the real estate market in April was a circus with no tickets sold, then the September-October market has been one with tickets Sold Out and lines a mile long to get in!
Metaphors aside, the real estate market is bustling. Multiple offers and without traditional open houses, buyers are scheduling private showings in record numbers.
What is causing this real estate circus? Several factors are in the mix including: low inventory, high demand for homes, low mortgage rates available, pent up spring and summer home buyer demand spilling into fall. Does it sound cliche to say once more that we have low inventory? California is experiencing a housing shortage and the number of new listings have decreased from earlier this month. Entry level priced homes are particularly impacted because home buyers that feel comfortable purchasing are competing against other buyers for the same home. Although we’ve heard it on the street that “so many homes are for sale” it is an interesting perception because not that many homes are for sale. Homes are listing and selling more quickly than in past years, but maybe the speed of a For Sale sign going up and down creates the perception that there are more homes for sale.
One effect of COVID is that the home has become the place we spend the majority of our days.
What do home buyers want?
“Consumers working from home or schooling from home want more square footage since the home is more than just a home now, it’s a daycare, an office, a gym and a school.”*
Is there something mentally easier about listing your home and moving if you know there is less on your calendar? If you are working from home indefinitely, then why not move to the suburbs and get a spare bedroom and home office?
Each home sale is different. Our brokerage sells homes that have been inherited, probates, homes that need extensive remodeling and homes that are turn key. The process of selling can be overwhelming and that is where I come in. We are immersed in the real estate industry. The contracts, disclosures, and procedures are in place for you to have a successful sale or purchase! Many people have questions about trust sales, selling your home and buying another home without risking being homeless, and buying a distressed property. That is where our brokerage KALEO Real Estate Company comes in as the experts.
This upcoming Halloween is yet another holiday in 2020 that is decidedly different than in years past. With many counties discouraging trick-or-treating, our annual traditions are turned upside down. How are you improvising this year? Drive by trick-or-treating, staying in and watching spooky movies, baking Halloween cookies, or eating candy in costume on the couch?
Have a safe and fun Halloween if you celebrate the holiday! If not, enjoy the cooler fall weather!
If you are curious about whether your home is worth more today than it was last October or in March, then contact us today to list your home or help you purchase your next home.
