Autumn Real Estate UpdateNov 01, 2020 07:57AM ● By Norma Flaskerud
Autumn Real Estate Update
The California Association of Realtors reported the following in late October:
While many economic indicators are clearly showing signs of improvement, it will take time to get back to the pre-pandemic level, as many uncertainties remain unanswered. The housing market, on the other hand, remains a rare bright spot even as it transitions into the traditional slow time of the year. While the market is showing signs of leveling off in recent weeks, it is still stronger than normal as low rates and renewed interest in home buying continue to fuel housing demand.
We continue to see that strength in the market of homes for sale even though we passed what is usually the peak of the market. Yes, sales are slowing a bit. Yes, we are seeing price drops on some listings. This could be a sign of the market having peaked. But we tend to think it is a seasonal decline -- normal but later than normal this year.
Prices are stable, at least, if not continuing to go up. I say “if” because we find the supply and demand varies from town to town. Some towns are still seeing multiple offers and prices being bid up. Some towns are seeing homes languish a bit longer on the market, as well as price adjustments – the lowering of a home’s asking price to attract an offer. After all, prices can’t just keep going up and up and up! They have gone up, but over the past three decades of selling real estate, I have seen peaks and valleys, stability, dips, and even a valley that follows most peaks. We have an election coming up, and no one knows who will win and what impact that may have on the economy or our real estate market, so some are holding off to see the outcome.
If you are a buyer, my recommendation is to keep looking. If you find a home in your price range that checks all the boxes of your needs and desires, you should go for it! Assuming you plan to live in it for many years, any short-term price change should not concern you. What matters is you have a place to call home; you can settle in and get on with the lifestyle you want to enjoy.
If you are a seller, we believe the market will stay strong through the holidays on into 2021! So get the house ready. Fix up your curb appeal. Declutter and stage the interior. Pay close attention to paint, floor coverings, light fixtures, and cleanliness. The houses that sell for the most are the ones dialed in to perfection. If you choose to sell as-is, that’s fine too! We can guide you through that process; it’s all about getting inspections done in advance and pricing it appropriately. It’s all do-able!
Call the Flaskerud Team. 925-338-2980. We will guide you through the process! Norma Flaskerud, 925-766-6679; Erik Flaskerud, 925-381-7276; Remax Accord DRE#’s 00867031 - Norma; 01891688 - Erik