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What’s happening in our real estate market as we emerge from the first quarter of 2021?
Inventory levels are extremely low, and we’ve been on a hot seller’s streak since about June of last year. We’re also seeing incredible demand along with historically low interest rates, and these three ingredients have given us an unbelievable market.
Where’s all this demand coming from? Three demographics keep showing up more and more. The first is the local population who’ve been stuck in their homes for a solid 12 months. Prior to the 2020 shutdown, people had been so busy that they never took the time to evaluate their current homes. Now, they’re deciding they need an office, school room, pool, sports court, outdoor entertaining area, etc. They need something different. They need a new house.
The second demographic is people moving from dense cities. For our area, this means LA and northern California. I’ve never seen so many people from these regions come our way, and a lot of them are looking for more space. The last demographic is a combination of people from all over the country and outside of the U.S.
I believe we’ll continue to see low inventory, which will fuel high demand.
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Think for a moment about this whole paradigm shift revolving around how people want to live in their homes. People are saying to themselves, “I’ve lived in a condo/high-rise/mountain home, and now I want more space.” Some want their own compound; others want to be closer to the ocean. If there’s anything positive that COVID has brought us, it’s the increase of people who want to live with their families and enjoy the memories they’re creating. If you’re looking to move, my recommendation is to not wait. Now is the time to live your best life. Find the house that checks all the boxes and fulfills every requirement of you and your family.
What do I anticipate for the rest of 2021? Based on my experience listing and selling homes daily and studying the market, I believe we’ll continue to see low inventory, which will fuel high demand. Interest rates will bounce around in the 3% range (which is still historically low), so buyers and sellers will continue to win. I also believe we’ll see one of the best pricing years for sellers that we’ve ever seen.
If you’re thinking of selling in 2021 and want to craft a genuine strategy, get in touch with me so we can discuss your goals. I look forward to speaking with you soon.
