Real Estate Market Crash?!! Housing Market Update Stats DEC 2020: LAMORINDA

Will there be a 2021 REAL ESTATE MARKET CRASH? DEC 2020 Market Trends Report: LAMORINDA

Hey! Tanja Odzak-Goppold with Keller Williams

here with your monthly market trends

report for december of 2020.

so what happened in la morinda so

lafayette when we compared

year over year december 2020 to December 2019

the number of homes is for sale was up by 31

in lafayette and orinda up by 17

Moraga was actually down by 76

so the month’s worth of inventory (this is

how we gauge the health of a real estate market) so it all points

to it being a pretty hot seller’s market

everything was under one month

worth of inventory the important thing

to note about

this is that even when you’re in a hot

market not all homes are the same level

of hotness… certainly location and condition

play a huge role in you know upping that

average sold price for a home but do not

underestimate

the ability of your realtor to market

your home some of us

are marketing and work like we’re in 2020 and 2021

and some realtors out there are still

selling homes the same way

that was done in the 90s so with that

being said average sold price

year over year for lafayette was up by nineteen percent

moraga was up by 27

orinda was basically the same

 and it changed from the previous month it was a

little up and down lafayette was up just

five percent and the others

had a drop overall

this is very consistent with the way the market is in december

this is usually when the market is at its slowest

however there’s houses still being sold

and prices are still

up year over year

ONE of the biggest

questions that people have

out there is with all this coronavirus/covid stuff that’s happening, is the real

estate market going to crash

so let’s see what the real estate

industry experts have to say about that

lawrence yen who is the chief economist

of the national association of realtors

has stated that this winter may be one

of the best winters for sales activity

and on a winter to winter comparison

this could be one of the best breakout

years just based on the fact that

pending contracts

are at such a higher level danielle hale

who is the chief economist

realtor.com states we expect home sales

in 2021 to come in

seven percent above 2020 levels and also

all major service providers like fannie

mae the mortgage brokers

bankers association and more are also

predicting um uh increase in home prices

in 2021 so the outlook there is very

positive

you know i have heard from some buyers

that they are waiting for the market to

crash

before they buy that home they may be

waiting for a very long time

and if you are thinking about buying you

are better off based on this information

buying earlier in the year than later in

the year after when prices have already

gone up

a few other things that are probably

going to color the way the year goes

is prop 19 that first part that relates

to

second homes and needing to have that

step up in basis

that part kicks in on february 16th so

that may or may not loosen up a few

people’s second homes by you know them

putting them on the market

on april 19th the second part of prop 19

kicks in which is the part that relates

to

victims of natural disaster

the disabled and people who are 55 years

or older

and their ability to now transfer their

tax base up to three times before it was

just once but now it’s going to be three

times

also a lot of stuff is just going to

depend on what happens with coronavirus

and that vaccine distribution

so if you have any questions about any

of this feel free to comment below

shoot me a text send me an email my

contact information is all below

here and if you would like a market

trends report specific to your city

the request link is also below shoot me

a text send me an email

you know where to find me!

Connect With Us!

If you're looking to buy or sell a property connect with us today!

How Can We Help You?

We would love to hear from you! Please fill out this form and we will get in touch with you shortly.
    (check all that apply)
  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published.