Current trends and what’s happening next.
We live in a highly desirable area between the major metropolitan areas of Sacramento and the San Francisco Bay with the attractions of Lake Tahoe and the Tahoe National Forrest. Given the general housing shortage in California, record low interest rates, and the cost of building a new home on the disproportionate rise, housing is in demand. We have seen a hot housing market the last few years and lately it has reached a new high! At some point it will settle out and if you want to buy, that is when I want you to be ready.
Do you want to sell? Call me.
Do you want to buy or upgrade? Call me. We will get you in the right position to complete the deal despite the current prevailing sentiment that it is a seller’s market and will be that way forever. It won’t be. More homes are (finally) coming on the market every day!
Be prepared for the trends that are coming NEXT, like Joe Montana says, “Don’t throw the ball to where they are now, throw to where they are going to be”.
Want more info? Read the New Your Times article Explaining the Frenzy in the Housing Market by Issi Romem. He is the founder of MetroSight and a fellow at U.C. Berkeley’s Terner Center. He was formerly chief economist at Trulia & BuildZoom.
“Adding more buyers and sellers can generate frenzy all on its own, even without altering their balance. Home buyers flock to homes unequally, converging upon the most attractive ones, and in a thicker market that means this subset of homes draws far more buyers than before… The experience of heightened competition around those homes affects perceptions. And when that culminates in higher sales prices, those sales serve as “comparables,” which inform asking prices on subsequent listings (including less attractive ones), lifting housing prices more quickly”.
He also points out how technology speeds up the transactions and can make demand appear stronger than it really is: “Thanks to innovation, the housing market is operating faster than it used to, and that has helped make supply and demand imbalances more extreme”. https://www.nytimes.com/2020/12/03/upshot/home-prices-explaining-frenzy.html
This is a graph I made from the California Association of Realtors (CAR) data for median home prices in California and individual counties. Working with an agent that knows the market trends and relative data to achieve your goals!
Here is the same market data graph that shows the yearly cyclical trends of real estate sales prices. Within overall market trends there are clear annual repetitive cycles. This knowledge can work to your advantage if you work with the right agent that leverages the data for you!
Hard work pays off:
The dynamic nature of Nevada County real estate is greatly assisted with an energetic agent who will work to get you results:
- Sell correctly to attract the most qualified buyers (my marketing speciality)
- Purchase with the right strategy
- Explore, discover & enjoy unique properties
Let my 15 years of sales experience work for you!
SOLD! We can sell your home with our proven marketing strategy, get you qualified for an upgrade & into a home that better suits your needs. Get a refined search criteria directly fed from the private Multiple Listing Service (MLS) to alert us as soon as properties come available and track price changes on ones we already love. It’s FREE and fun to see what’s happening!
John Boyer
Opinion piece by John Boyer, Realtor®
