NEWSLETTER – Week of February 1st, 2021
Why Right Now May Be the Time to Sell Your House
The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.
Buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. NAR just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.
What does this mean for buyers and sellers?
Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.
Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.
If you are thinking about Selling or Buying a Home, 26 years of Real Estate Experience are only a phone call away…
Please Contact Jaime E. Becerra at 951-515-0817 Now! Homes in Corona, Homes in Riverside, Homes in Eastvale, Realtor in Corona, Realtor in Riverside, Real Estate in Corona, Real Estate in Riverside, Real Estate in Eastvale, Real Estate Agent in Corona, Real Estate Agent in Riverside, Real Estate Agent in Eastvale.
NEWSLETTER – Week of January 25, 2021
The stock and bond markets leveled off and traded mostly flat during a holiday-shortened trading week as investors worried over evidence of slowing global economic growth. The International Monetary Fund lowered its forecast for global growth in the coming year from 3.7% to 3.5% while China reported its economy only grew 6.4% year-over-year in the final quarter of 2018 – its slowest growth rate in almost 10 years. As far as trade negotiations with China are going, on Thursday Commerce Secretary Wilbur Ross commented the U.S. and China are “miles and miles away” from a trade agreement. One of the major sticking points seems to be compensation for China’s theft of U.S. intellectual property. In housing news, Existing Home Sales were reported to have fallen 6.4% month-over-month in December to a seasonally adjusted annual rate of 4.99 million. This was below the consensus forecast of 5.25 million and lower than an upwardly revised 5.33 million reported for November. Also, total sales were 10.3% lower than the same period from a year ago.