January 2021 Real Estate News Letter
A year in review… and a wild and crazy year it was:
From January 20th 2020 to December 20th 2020 the average median sales price went from $298,500.00 to $370,000.00. What’s even crazier is that for a few months last year (approximately March 15th 2020 to May 30th 2020) there was a lock down of non-essential businesses… and in the beginning, real estate was considered non-essential. So…. Very few homes were sold. Potential home sellers didn’t want unknown people (agents and or buyers) in their homes AND… Buyers didn’t want to go into homes where the virus could be hiding. Along with the daily updates (and governmental changes) we, as Real Estate Professionals, figured out a way to move forward. The CAR PEAD form was most instrumental (California Association of Realtors, Property Entry Advisory Disclosure). Laying out the guidelines for entering and showing a listed home as safe as possible.
Zoom seemed to be most popular virtual meeting place but there were (are) a lot of others. Teaching, Training, Showing…. you name it, most of it was being done remotely, from a distance and not in person.
With the civil unrest, home buyers wanted out of the metro area and moved to the suburbs (and resort areas)… hey, if you can work from home, home can be anywhere Right?
As I stated in an earlier newsletter (November or December), Mammoth Lakes home sales were up 36% year over year. We’ll see how that plays out. I love the Mammoth area but I’m not sure I could live there year round.
This is what I see for the coming year (2021). I believe the upswing in home prices will continue because of a few things: 1. Interest rates are still low and I don’t think the Federal Reserve will raise them any time soon. 2. There’s still a housing shortage. 3. Strong demand from buyers.
If you have any questions regarding this or any other real estate topic feel free to call, text or email me and I’ll be happy to answer them AND if you know of someone thinking about buying or selling please call me with their contact information and I’ll take EXCELLENT Care of them.
Take care and be safe out there.
Sincerely, Ron Hier