February 2020 Real Estate Rover
The National Association of Realtors recently released its newest Home Survey. Overall trends show that most Americans feel that now is a good time to buy or sell a home. "Those who earn $100,000 or more (82%), live in the West (81%), and own their home are most likely to think that now is a good time to sell a home." You can read the full report with detailed charts and graphics here.
In our local markets, housing inventory is a almost half of what it was compared to this time last year. (Chart source: Trendgraphix) My listing in escrow has back up offers and is also generating calls from agents eager to know the status of the escrow. They have shown buyers what is out there, and the buyers are still searching for the perfect home with those buyers. This can indicate that now is a good time to sell if you're thinking of selling your home.
Interest rates are still dropping and it looks like there are plans to keep them low at the federal level. "While the Fed’s recommendation plays a role in mortgage interest rates,
the interest rate lenders offer to home buyers varies based on the
individual and the market. On Jan. 2, the average interest rate for a
30-year, fixed-rate mortgage was 3.72%."
Source: MSN Money Why You Should Sell Your Home in 2020. Low interest rates mean that buyers have more purchasing power.
The travel ban could have an impact on our local and luxury markets. "A temporary ban on any foreign nationals who have been in China the past
two weeks and cancellations of many flights from China to the U.S. will
likely impact the real estate market over the coming weeks." Source: Housing Market Is Feeling Effects of Coronavirus Outbreak
The future market is not possible to predict, but the current market provides data we can count on to help us list and buy homes. The good news is if are thinking about selling in 2020, now is the time to get your home ready for your listing debut! The opening day of listing your home on the market is like a wedding day, you want to plan and think ahead for a good one. about home staging, repairs, and updating the paint now. I recommend having a home inspection and a home appraisal done in advance of listing. Call me for resources and recommendations anytime at 626-755-0636.
My Tips and Resources
1) Create your budget: save up for moving costs and for your dream home's down payment by taking and planning expenses. I recommend this budget worksheet at one of my favorite websites: NerdWallet.
2) Check out these 5 Myths About Selling Your Home from Zillow.
3) Get a Termite Inspection from Titan Termite in Glendale.
4) Set up your free home search at LisaSellsPasadena.com