Summer Housing Market Heating Up
This year has been so incredible for real estate. With inventory so low and interest rates at all time lows, this has put pressure on what little inventory there is and this makes the real estate market hot.
Median prices are up 15%-20% in most areas since the first of the year. We went from $1.35mil to $1.650+ median prices in just the last 7 months. Listings are getting multiple offers and are selling at 109% of listing price.
Its been reported that wages are increasing faster then the prices of homes in percentage terms in our valley. Its also reported that 1 in every 727 people in our County are "super rich" (worth $30million net worth or more). You never know who you are standing next to on a daily basis. And this means there are lots more just below that $30mil mark who are well off. This would answer the question as to why our home prices are raising so high so fast.
And there are lots of folks looking for homes who want more privacy since the pandemic and who might otherwise keep renting. Many are millennials who might live with parents or friends and want their own space.
So getting into your dream home and not waiting to buy is advisable because home prices just keep raising.
If you are thinking about selling I would love to help.
Prop19 allows you to take your current property tax base with you anywhere in California if you are at least 55yrs.
Call me anytime and lets chat about your real estate needs.