What we learned in 2020......Even a pandemic, massive job loss, is not enough to slow down SoCal's housing market. Now that we have a vaccine do you think the housing market will return to normal? Housing experts say to expect the Socal housing market to continue its fast pace in 2021.
Facts You Need To Know About the Housing Market:
- Low housing inventory, record-low mortgage rates, and high demand will continue to fuel the housing market in 2021.
- Orange and Los Angeles Counties hit record numbers in luxury home sales in 2020 despite the pandemic.
- Median home prices in Los Angeles and Orange counties have jumped by more than 11% year over year.
- Many employers are allowing their employees to work from home. We expect to see homeowners will decide to sell their homes to move to larger ones with a home office option.
With low housing supply across the region, record-low mortgage rates, and new work from home policies will fuel the region's housing market in 2021, housing experts stated.
SoCal still remains a very highly desirable place to live despite others leaving the state, "whether it's the silver tsunami or unhappy people with the state's politics." said Aaron Norris, Vice President or market insights at PropertyRadar. "With more people working from home and looking for more space, I don't expect a slow down next year."
What To Expect In 2021
As the coronavirus vaccine being administered this year, Norris said one of the most significant issues to watch is if employers will continue to allow their employees to work from home post-pandemic. Many employers like Facebook, Microsoft, and Twitter have already announced they would allow their employees to work from home post-pandemic. Others, such as JP Morgan, are embracing the hybrid model of letting their employees working from home and come into the office a certain amount of days per week.
According to Housing experts, "It will be a hot seller's market from the start of the year through the summer market." Multiple offers and bidding wars have and will continue to be the norm for homes priced below 1.25 million. Buyers will have to be patient so they can secure their piece of the American Dream and take advantage of these low mortgage rates.
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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