It is the last Monday of 2020! If you want to relive the events and milestones of 2020, Wikipedia’s page on the year 2020 does an item-line breakdown of the natural disasters, lockdowns, events, movements, and disruptions that this year has brought. This has been an eventful year! 

Here is the Wikipedia Link: https://en.wikipedia.org/wiki/2020

 

Throughout this year, most of us have been tested: emotionally, professionally, mentally, physically, financially, and philosophically.

Why is it so hard when a birthday party gets cancelled?

Why am I so scared to go to the grocery store?

Why do I feel so disconnected? 


The WHY questions can keep popping into our heads. When we answer the why and adapt to the new circumstances or unknown, then we can move forward. 

We are resilient. Collectively, we are stretching, growing, and becoming stronger. As a real estate brokerage, our REALTORs have grown and pivoted this year. Zoom buyer consultations, 3D Matterport Virtual Tours, all e-signature contracts, no open houses, strict adherence to COVID protocol with showings, and new disclosures — so many changes and now it is all second nature. 

The golden child of the economy right now — the housing market — has bounced back during the second half of the year from the slower months of March, April, and May. An April homebuyer was timid, but a November buyer is confident, assertive, removing contingencies with their offer because they are competing against 20 other offers and they want to be the highest and the best. 

Listings in March were idling on the market with nervous buyers cancelling escrows.

Listings in October scarcely last a few hours on the market without a SALE PENDING sign rider being added to the For Sale sign.

The median number of days on market is down to 13 days in Los Angeles County for the year. Mortgage rates seem to keep becoming “record lows” and simultaneously many sellers are retiring or moving out of state to Texas, Idaho, Montana, or Arizona. 

What is ahead in 2021? 2021 will not be a repeat 2020. The housing market is expected to stay strong as home buyer demand and changes in California Law like Prop 19 opens opportunities for sellers. The real estate industry will keep a pulse on mortgage forbearances as lenders decide how to handle the vast number of mortgages that are in forbearance. 

With everything this year has entailed, the real estate agents at KALEO Real Estate Company are a resource and safe phone call to make with any of your real estate questions.

Cheers to the year ahead, another year of growth and opportunities disguised as challenges! 

 

Source: CRMLS, Residential, Single Family Residences, 12-22-2020. Year to Date. 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.