By Maryanne Jackson
Photo via CC Free Stock
July 8, 2020 (Spring Valley) – Dear Maryanne,
We are wondering what type of housing market we are currently experiencing.
Is this a good time for buyers or best for sellers?
M.M., Spring Valley, CA
We are in a strong sellers’ market. The signs are all pointing towards this housing trend. We have been experiencing an extreme sellers’ market for the past 16 months.
The telltale signs are the low inventories of existing homes being listed for sale.
This causes a supply shortage. When we have a shortage of supply, we see homes begin to sell for higher than the listed price and we see multiple offers on the properties that are for sale. This causes in many cases for home prices to become artificially inflated.
This trend will continue to progress if record low interest rates continue, luring repeat and first-time home buyers into the Real estate market and causing current homeowners to continue to hunker down and refinance rather than sell and relocate. In addition, the low cost to borrow money adds the fuel causing a market flame.
Maryanne Jackson, real estate broker, DRE # 01784021, CNE, CPRES.
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