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What Will Our Autumn Market Bring?

What Will Our Autumn Market Bring
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Typically, spring is the best time to sell fast in the San Fernando Valley, and that has a lot to do with better weather, a larger pool of buyers, and open houses galore. Obviously, the outbreak of COVID-19 back in March changed everything; the real estate market got flipped upside down. We found that, in some senses, summer became the new spring busy season, as pent-up buyer demand got released into the market. So, what will fall look like this year?

First of all, we’d be remiss if we didn’t talk about the cog that’s driving our market right now: low interest rates. With rates fluctuating around 3% and under, buyers are out in full force. Some are even settling for homes that they’re not completely in love with just because they want to lock in affordable homeownership. Rates are expected to stay low during fall, so this high buyer demand won’t be going anywhere.

Second, our market’s low inventory will continue to be a factor. When COVID first hit, many sellers took their homes off the market because they were worried—and rightfully so—about the risk of having strangers amble around inside. They also didn’t know what would happen to the housing market. Though seller hesitancy remains, the irony is that the likelihood of a seller attracting multiple offers over list price is remarkably high right now.

“With rates fluctuating around 3% and under, buyers are out in full force.”

Since the resale market throughout the entire San Fernando Valley has about one to 1.2 months of inventory, a lot of buyers are starting to revisit the idea of purchasing a new construction home. Not only do these homes give buyers the exciting opportunity to design their house the way they’d like, but they also provide peace of mind—no prior occupants means no potential for hidden issues.

Additionally, we expect home prices to continue their steady ascent through the fall. Again, whenever homes in the market are scarce (fewer sellers) and desirable (more motivated buyers), prices will stay strong or go up even further. This also means that the speedy pace at which our market has been moving this summer will more likely continue through the fall; if your home is priced correctly, you’ll probably get a lot of bites.

With the threat of a second wave looming and a general election coming up in November, there are still plenty of things that are subject to change. However, as far as the fundamentals of the housing market go, we’re primed for a strong fall performance. If you have any real estate-related questions, call me anytime at 818-396-3311 or send an email. I’m glad to chat with you about your particular situation and see what makes sense for you!

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