The real estate market remains largely unchanged from our March update. Interest rates have inched up slightly, but that has not put a damper on Buyer's enthusiasm. The Single Family home sector continues to be the most aggressive that we have seen in our near 18 years in the business. If you are looking to buy a Single Family Home you have to be well-positioned financially, have the will to want it more than other families and a strong team behind you. Unfortunately, cash offers seem to be more abundant this year, reminding us of the times when foreign funds were pouring into the valley. Tech Buyers are turning their restricted stock and options into real estate assets. This sector continues to accelerate and the winners are the ones that do what it takes to win. As disheartening as this process can be, our key advice is to get in and out of the market as quickly as possible and allow other Buyers to keep bidding prices up. You don’t want to be in a position where you are chasing the market. The Townhome sector is regaining traction as Buyers who are priced out of Single Family homes have more opportunities in this sector. The condo sector is slowly showing signs of life as well.
We anticipate 2021 to be more of the same. Low inventory, low-interest rates, overall healthy stock market equating to multiple offers. In short, it will continue to be a very strong Sellers’ market.
We wish you and your family a happy start to the upcoming summer months and continue to stay safe! There seems to be a light at the end of the COVID tunnel!