In November, much like the past several months in 2020, reports vastly concur that the domestic real estate market is doing well. And, it is doing well despite the pandemic. In fact, projections show the same performance through year’s end. Although, what drivers have brought the market through nicely? Most will agree, it’s record low interest rates, high buyer incentive and relatively low inventory. Also, the resale, single family home low inventory factor did not dissuade buyers, as they found new home purchases well within reach. As a result, it’s another, real estate success story, across all four sectors of the domestic market through November 2020. Granted there were some local pockets of slumps, but the overall picture is bright.
Domestic Market Through November 2020 to Year-End
The ‘hero’ of this story could be the low, low interest rates. And, now could be the best time to buy or sell, if you haven’t already. In fact, we don’t know what 2021 will bring. Although, interest rates have stayed quite low most of the year, making 2020 a boon for domestic market activity. Make it a boon now, for yourself, if you plan to buy or sell.
The domestic market through November 2020 showed another uptick that continues to play out. It showed much more interest in new home purchasing. And, that was due in large part to low resale home inventory coupled with low mortgage rates. Not finding a home of choice in the resale market, buyers turn their sights on new home construction. As a result, the new home industry needs to step up their game in response. At the same time, sellers have a lot to gain, with an incentivized buyer pool. And, they should ‘catch the wave’ while the time is ripe.
Do you plan to sell your property in San Mateo County? Contact market expert and seasoned sellers agent, Carmen Miranda. Why not give her a call today?