Homebuying Sentiment Remains Strong

Greetings! Can you believe that it’s already February?! Groundhog Day is over and 2020 is solidly behind us. If you’re among the many people who have been thinking about buying or selling a home this year—but you wanted to wait until the holidays had ended, now is a great time to take the plunge. Why? We’ll explain.

MLS Data suggests that as of December 2020, single-family home sales for the coastal counties rose by an impressive 37% compared to the same reporting period in 2019. Single-family home prices in all three coastal counties had also risen by 13-30%, year-over-year.

If you haven’t been following the market, there’s a sensible reason that sales prices are rising: more people are buying and fewer people are selling. For example, information from the MLS also notes that for the month of December, active listings for the coastal counties were down by 44% compared to the same reporting period in 2019.

The uptick in interest is largely tied to the pandemic. A growing number of people are working at home, lots of kids are being homeschooled, and families are deciding they need more space. There’s also been an influx of interest from out-of-state buyers. People are realizing that if they’re going to be “stuck at home,” they’d like to own in a place where they can spend time outdoors. (i.e., in a state that doesn’t get hammered with cold, snowy weather.)

All in all, if you’re looking to sell your home (or you’re looking to buy a vacation property), now is the time to do it. Yes, home prices may be up, but interest rates are still very, very low.

If you’re looking to buy or sell a home, our team is here to help you achieve your residential real estate goals. Whether buying or selling, our tools are PROVEN to help you get the most from your transaction!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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