Well that will certainly be a holiday season we don't forget..
Skype, Zoom, and FaceTime became an all so common form on communication and for good reason. We're social beings, we need to see our friends and family and when we can't, we pivot and we adapt.
I think almost every industry was affected by this virus in one way or another and real estate was no exception.
At the beginning of the year, when things first went into lockdown, sales really slowed down - to almost half the previous years numbers. There was a lot of uncertainty in the marketplace and for good reason. However, once things began to bounce back, they really bounced back.
The last seven months of the year finished with sales totals higher than the previous year and much higher than the five year averages. Buyer and seller confidence certainly returned and the market has been very busy.
Interest rates remain VERY low. My latest client just purchased his first home at a rate of 1.69%.
Inventory also remains very low. Current listings are down 9% over last year..
It's created somewhat of a perfect storm for supply and demand.
This is an especially good time to be working with a Realtor who has a team in place to help navigate and transact the purchase or sale smoothly. Working with a Realtor who has strong professional relationships can make all the difference in this competitive market. Lawyers, inspectors, mortgage and insurance brokers and also other Realtors. All these people play an important role in the sale and purchase.
I can't see things changing a whole lot in the first two quarters of 2021 with inventory and interest rates remaining so low. It should be another very busy year in real estate.
As always, if you or anyone you know is thinking of buying or selling, please don't hesitate to reach out. I'm never too busy for any of your referrals.
Have a great January! - Enjoy the weather!!