We all know that 2020 has been one of the most challenging years in history due to the COVID-19 pandemic. We hope that you and your family had a safe holiday and continue to do our part and Shelter-in-place.
First Half of 2020
The first quarter of 2020 kicked off with a strong Sellers’ market across all real estate product categories. The market was shaping up to be a competitive market for Buyers resulting in steady price increases for Sellers. Then Shelter-in-place hit mid-March and real estate came to a grinding halt for a little over a month. Realtors were not considered essential at first and there was much confusion on how real estate would be sold. By May, Realtors were made essential and we had a procedure on how to show homes safely paired with an understanding from the industry as how to show and close transactions in a safe manner.
Latter Half of 2020
Consumer preferences shifted quickly. First, there was an exodus from the Bay Area especially from downtown city centers such as San Francisco and San Jose. The justification of high prices living in a downtown, when residents are not able to enjoy what a city center offers, made it a simple decision for many to move. Available rental units increased quickly, and rental rates dropped and are still at bargain prices.
The second trend was a migration to the suburbs in the Peninsula, Southbay and even more flocked to the East Bay. With remote work being the norm for the near future, Buyers have flocked further from center for more affordable areas in exchange for larger homes, good schools at a lower cost.
Thirdly, Buyers have steered away from Condominium and Townhomes, while Single-Family Homes are in very short supply. Multiple offers abound for Single-Family Homes and be ready to compete with heavy competition in most areas. For Buyers, the deals will likely continue for Condominiums and Townhomes especially in San Francisco. If you are a Seller of a Single-Family Home, the market is on your side. If you are looking to sell a Condominium or Townhome, the property will sell but patience is warranted.
Lastly, Buyers are looking for move-in ready homes, larger size homes with more space, more rooms for a home office and a yard for the children to enjoy.
2021 Projections and Beyond
2021 looks to be the same narrative as the latter half of 2020 and not likely to change. Single-Family Homes will continue to be in short supply and multiple offers will continue in most areas. Townhomes and Condominiums will likely continue to struggle unless we get back to some semblance of normalcy in 2021. All eyes will be on the effectiveness of the vaccine and overall rollout. All signs point to slow progress and we expect the majority of 2021 to be similar to latter half of 2020. We wish you and your family a better 2021 and please let us all stay vigilant and stay safe.
35 comments:
I was investigating this sort of data, and I discovered your blog. I am glad that you have imparted this information to us. It is advantageous for us. I am much obliged to you. menlo park ca houses for sale
I'm truly glad to state it's an intriguing post to pursue . I take in new information from your article , you are doing an extraordinary job.real estate for sale in queens
I truly appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thank you again
Real Estate Investing Tips
Thank you so much. Keep up the good works.
David Becker
I admire this article for well-researched content and excellent wording. Thank you for providing such unique information here.sell home fast in austin
I’m genuinely impressed with your knowledge. You have shared good knowledge by this blog. It was a really attractive blog. Please keep sharing your post with us.real estate agents chehalis wa
I generally check this kind of article and I found your article which is related to my interest. Genuinely it is good and instructive information. Thankful to you for sharing an article like this.house construction in Warkworth
I’m genuinely impressed with your knowledge. You have shared good knowledge by this blog. It was a really attractive blog. Please keep sharing your post with us.Design Builder Auckland
I am very thankful to you that you have shared this information with us. I got some different kind of knowledge from your web page, and it is really helpful for everyone. Thanks for share it. Comox Valley home for sale
A real estate agent is a professional who helps the owners to sell their property and that's why they are also known as a seller’s agent or the listing agent. Real estate agents will use their knowledge to price the property accurately with the seller’s best interests in mind, list it, and market it to potential buyers. So if you want to sell your property then you should hire a real estate agent.
The moving, loading and unloading job is done quicker than what you could manage. This is because the staffs are experienced and with their expertise, they know how goods are to be handled and managed, even in the trickiest situations. Moving Near Me
You are providing good knowledge. It is really helpful and factual information for us and everyone to increase knowledge. Continue sharing your data. Thank you. online property value calculator Melbourne
I am thankful to this blog giving unique and helpful knowledge about this topic. Real Estate Agents In San Diego
Real estate is not purchased, held, or sold on emotion. Real estate investing is not a love affair; it's about a return on investment. Real Estate Lagos
Such an amazing post you have shared her about real estate. If you are thinking for how to sell my home fast, then you should think for a home staging company, which can help you.
Realtor in London
After a long time, I read a very beautiful and very important article that I enjoyed reading. I have found that this article has many important points. Thanks for share homes for sale bronx ny.
This article provided me with a wealth of information about sell my house fast hutto. The article is both educational and helpful. Thank you for providing this information. Keep up the good work.
Investing in commercial real estate is not like buying a home. They are both real estate, but they are not the same. Test your article critical thinking skills to see if you know the difference.
I just need to say this is a well-informed article which you have shared here about hoodies.Realtor Montreal It is an engaging and gainful article for us. Continue imparting this sort of info, Thanks to you.
I generally want quality content and this thing I found in your article. It is beneficial and significant for us. Keep sharing these kinds of articles, Thank you.Coos Bay Oregon Homes For Sale
Very good, This information is essential and informative which you have shared here. It is very gainful information. Keep it up.
Thanks for sharing!!
House For Sale Jamaica
I required a significant sum of money to purchase a valuable property, so I looked for jumbo loans. I reached out to Cardinal Financial Company's finest loan representative, Rae Drake. She made it simple for me to be approved for a jumbo loan.
Excellent post. I really enjoy reading and also appreciate your work. This concept is a good way to enhance knowledge. Keep sharing this kind of articles, Thank you.Port Alberni real estate
I just need to say this is a well-informed article which you have shared here about hoodies. It is an engaging and gainful article for us. Continue imparting this sort of info, Thanks to you. Coal Harbour Condo for Sale
I found decent information in your article.Real Estate Services Bio Link Creator I am impressed with how nicely you described this subject, It is a gainful article for us. Thanks for share it.
I generally want quality content and I found that in your post. The information you have shared about property management company Vancouver is beneficial and significant for us. Keep sharing these kinds of articles here. Thank you.
I am really thankful to you for providing this unique information to us. You have a show good point here.
Commercial Real Estate Kingston Jamaica
an airbed is just what it sounds like - a bed full of air. Most of the airbeds are portable, easy to set-up, and easy to store after utilization. custom RV mattress
Busy year
Extremely useful blog which you have shared here about Real Estate Agent Forest Lake MN This is a great way to enhance knowledge for us, and also beneficial for us. Thank you for sharing a blog like this.
I'm really inspired together with your writing skills and also with the layout for your weblog. Thanks for sharing this blog here. Dr Phillips Orlando Homes for Sale
I am so grateful for your blog.Really thank you! houses for rent casula nsw
You are sharing a piece of decent data here. The data you have given is truly educational and huge for us. Gratitude for sharing an article like this.Real Estate Broker in Pittsburgh PA
Thanks for your post. It's very helpful post for us. You can also visit New Construction for Sale Orlando for more information. I would like to thanks for sharing this article here.
Post a Comment