At the beginning of this Pandemic, myself and many others thought
that it would lead to Home Prices dropping in our local Real Estate Market.
The opposite has happened. Prices have Rocketed Up.
So the question is, Why?
It's hard to say exactly what has caused this, but it's likely a combination of several things.
Government Stimulus - even though many people were out of work,
most people still had money coming in from the Stimulus.
Mortgage Forbearance - This program has been extended through March.
Understand that with Forbearance or Deferment, you still owe that money at some point.
Low Interest Rates - Record Low Interest Rates have made Housing More Affordable
People leaving California -
High Taxes and Plight in the Cities have people moving to more affordable Areas.
Like Las Vegas
Low Inventory - Supply and Demand says
Inventory is Down then Prices Go Up.
And we currently have the Lowest Inventory in Over 10 years.
Warning... This could all change.
Interest Rates are expected to Rise.
Builders are building more New Homes to meet the demand.
The Forbearance will eventually end.
Government Stimulus is decreasing.
And people might just stop moving out of California...
If you have been considering Selling,
with Prices and Demand where they are at, this is a Great Time to Sell.
Just remember that you will likely need to buy something, somewhere.
