Halfway through May and spring is in full swing! Flowers are blooming, shops are opening up, and students who have completed most of the school year virtually are either going back into the classroom or getting let out for the summer.
Spring 2021 Consumer Sentiment
The California Association of Realtors routinely surveys California consumers to get a pulse on what the public thinks about the housing market.
Is it a good time to sell a home?
66% of consumers think so!
Will home prices rise in the next 12 months?
65% of consumers think so!
In March, April and May 2020 consumers were discouraged and felt like it was not a good time to sell, but this spring, it is quite the opposite!
COVID Bloom of Real Estate
“California just set a new record for home prices, rising by almost 25% from the same time last year to a median of almost $760,000.” reported California Association of REALTORS.
Yes you read that correctly: the median home in the entire state of California is over 3/4 of a million dollars. It is no surprise that on headlines, boardrooms, and casual conversations, many Americans are starting to ask whether we are in a housing bubble or not.
Your real estate purchase should work for you. The monthly payment shouldn’t max out your budget in a way that is uncomfortable and unsustainable. “As always, prospective homebuyers should always purchase homes with their eyes wide open about both the potential risks of short-run market fluctuations, and the long-term benefits of homeownership. It isn’t 2008 all over again, just make sure the deal makes sense for your own personal economy.”
If you are cautious about selling because you are nervous about finding a replacement property, then know that there are provisions we can place into the contract that protect you from being “temporarily homeless”.