2020 Recap… Wow! What a roller coaster year!
With low interest rates, we ended 2019 in a very strong position. The 4th quarter is statically one of the slower times in the year, but in 2019, the market pace matched its best selling season of Spring, which is highly unusual! Inventory remained low and attractive rates made sales very strong.
As a result, 2020 started off like gangbusters. Abundant Buyers were fighting over too few homes and prices were rapidly increasing. Our Seller’s were accepting offers on their homes at numbers well beyond their wildest dreams! It was like the Gold Rush for Real Estate!
Then the crisis of Covid-19 struck in late March. The market slowed as we all shut in our homes. By Mid-April we reached a low point, only recording about 30% of the sales we had in the same week of 2019. With the huge federal infusion of money into the Bond Market, interests rate plummeted to record lows. In addition, due to moving work and school inside our homes, many of us found our living situations to be much too small.
The need for a change in housing to fit our “new” lifestyle and record low rates brought Buyers back in droves! However, inventory remained low. As result, prices continued their march upward.
The final numbers are still to be seen, but two things are certain. 1) The second half of 2020 has been the strongest Seller’s Market on Record. 2) In the end, 2020 will show significant price increases as compared to 2019.
Moving forward: 2021 is still looking to be a solid year for real estate. However, there are many factors (that we have come to understand this year) that cannot be fully predicted. As a result, if you are thinking about a move, reach out to us so we can help you understand
Keeping our clients safe
To keep our clients safe and offer them the best service during this time we have implemented even more digital services including virtual meetings and digital signings.
Our team is committed to keeping you safe, from listing your home, to helping you find a new one, we are here to protect you and your family.
In order to fully and effectively represent your home to the market, we offer HD video tours, dozens of high quality photographs including drone photography, 3D Matterport tours which allow a buyer to virtually walk through your home, accurate floorplans, detailed property brochures highlighting all the features of your home, custom property websites, postings on our business pages, providing sanitizer for your home and much more.
The same goes for our buyers; we come prepared with Covid-19 safety kits including gloves, mask, hand sanitizer and a wealth of knowledge to keep you safe when viewing homes.
Whether buying or selling, we are committed to keeping you and your family safe. If we can help you through this process, please feel free to contact us for a virtual meeting or in person meeting at 425-466-1000.