MARKET UPDATE: LATE JUNE, 2021
2021 is almost 50% over. A lot has changed in just a few months. The pandemic appears to have passed, people are getting out more, and we can see our unmasked faces again.
Well, the real estate market has also changed, but not as much as you might think, and not for the reasons you might have heard.
(A tip of the hat to Steven Thomas, local real estate economist, for his insights)
- Inventory is up 5% in the last 30 days, but is still well below where it was in 2020. There are still multiple offers on most homes for sale. In fact, over 70% have sold ABOVE asking price. This is a great time to be a seller.
- Interest rates are up only a very small amount. The average 30 year loan is still at or below 3.0%. And availability of homes for sale is up over 20% since April 1. This is very good news for buyers!
- The market is moving towards a balanced market. It’s anticipated we will see that in mid to late Autumn.
So what does this all mean?
- If you are a seller, you may never see a better time to sell. Call us immediately!
- If you are a buyer, increased inventory and near record low interest rates make this a great time to buy. One word of advice. This is a time when your choice of agent to represent you is most important! We just represented a buyer whose offer was accepted over 18 other buyers. When asked why my client was selected, the seller’s agent said that it was because she knew and respected me. She could feel safe advising her seller to work with me and my client.
- If you are not sure, or waiting for the market to crash, you definitely need to call us. We do not anticipate anything short of a balancing of our market, especially if interest rates rise in the next few months. We can help you make the right decisions for you and your family.
Call us at 949-500-6365, email Frank@FrankDiLauro.com, or through our website www.FrankDiLauro.com
