Wow! The #Socalhousingmarket is on fire! For anyone not living under a rock has noticed that the #realestatemarket is not what it was in 2019! Amid the pandemic, we have seen a surge of home sales the most we have seen within the last 5 to 7 years. Despite the economic uncertainty, one thing is for sure: #homebuyers are ready to buy a new home. The 3 factors that are affecting our #realestate market are low inventory: meaning the homes available for sale on the market, bidding wars: meaning multiple buyers submitting offers on one home, and last but certainly not least.......record low #mortgage rates.
FOMO or fear of missing out has created a great sense of urgency for homebuyers to purchase homes now. Ali Wolf, Chief Economist for real estate analytics company Zonda, said Thursday during the National Association Realtor's virtual Real Estate Forecast Summit. "To our surprise, the housing market has not only recovered but roared past pre-pandemic levels," added NAR Chief Economist Lawrence Yun, who presented a consensus real estate forecast based on a survey of 30 leading economists.
Pending home sales are up 20% from a year ago, buyer traffic is up 32%, and mortgage applications are up 27% -all indicators that this winter may be the best ever for the housing market, Yun said. Home inventory remains low as buyer demand surges. Potential sellers who are hesitant to list their home during a pandemic may not be aware of the housing market's strength. As we know, most sellers are also buyers too, they might not want to have to search for a new home in this current low inventory market.
Home Buyers need to be aware of assistance programs that can help with affordability. Lower mortgage rates can help home buyers offset higher home prices, but not when prices are soaring into double-digit annual increases like they are now. Affordability is going to be a key challenge in 2021 for first-time buyers. Educating home buyers on down payment assistance programs will help guide first-time home buyers on a path to #homeownership amongst these high home prices. According to Zonda research, 60% of millennials are saving more money this year than last year. Millennials also said a big part of their savings is for a down payment on a home.
My Team and I will be conducting Home Buying Seminars starting Wednesday, Jan. 20th at 4pm. I will be sending out invites starting this week. Sign up and learn what you need to know to purchase a home in 2021!
As always, if you or if you know anyone looking to sell, buy, or invest in real estate. I would be honored if you would refer me.
Thank You,
Qierre McGlory
Keller Williams Realty
Realtor #01938370
(714) 577-2787
qierre.mcglory84@gmail.com
#fullerton #fullertonhousefinder #uncoveryourhome #oc #brea #placentia #qierrerealestate #youragentq #homeagentq #firsttimehomebuyer #homebuyer