There is data for days on how the real estate market performed in 2020 and we have a pretty clear idea on WHY it did so well, especially in our area. Across all platforms you’ll read that experts predict that the Southern California real estate market will continue on this path through at least the summer of 2021.
What You Should Know
- Low inventory and record low mortgage rates are creating a high demand that is fueling the housing market.
- Orange and Los Angeles counties hit record numbers in luxury home sales in 2020.
- Median home price in Orange and Los Angeles counties have jumped by more than 11% year over year.
- Employers adapted to the work from home model, so employees rethink their living situation and move to larger homes with more amenities.
Location, Location, Location
We live in a highly desirable area here in South Orange County, and buyers are coming in from all areas of California to live here, which is increasing demand drastically. The longer we shelter in place, work virtually, and rely on our homes for amenities and entertainment, I believe we will continue to see a strong real estate market through 2021.
Buyers Are Writing Offers
Buyers are out and hungry. Their previous dream homes didn’t account for two people working from home or kids doing school from home and they’re looking for our amazing properties with home gyms, pools and enough space for everyone to shelter and place. This is causing the hot sellers market with multiple offers and homes selling for over asking price.
What Does This Mean For You?
If you sat in your home in 2020 and wished you would’ve taken the leap to sell and move to the beach, or move out of state, NOW is the time. As inventory rises, demand will increase some.
The reality is, with a pandemic, a vaccine rollout and a changing political climate, the real estate market could change drastically.
And let’s be real. We are damn good at real estate. Check out our stats from the last few years. Who you work with matters. Call us today to discuss your real estate goals!