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    6 Surprising Realities About the Real Estate Market Right Now

    Think back. Way, way, back to March, when we were all just learning about COVID... Every hour, there was a new update about...

    • Ken Schwartz
    • September 1st, 2020
    • 3 min read

    Think back. Way, way, back to March, when we were all just learning about COVID...

    Every hour, there was a new update about the virus, a new round of stay home orders, and lots of predictions about how the economy would weather a pandemic. Back then, there was reasonable concern that the real estate market would crash. The uncertainty made it difficult to even imagine what would happen in the coming months if you were looking to buy or sell a home.

    Fast forward to now. No, there hasn’t been a 2008-level crash. In fact, the real estate market is still going strong in many markets. Yet, there are some very big (and surprising) trends going on in our “new normal.” Here are the top six:

    ONE | Inventory is still very low

    The pandemic basically cut off the spring market before it could really get underway. Few wanted to open their homes to prospective buyers — though the rise of virtual tours made it possible to have the most socially distant open house ever. Still, with the uncertainty of the job market, ever-changing hot spots, and the difficulty of doing all the normal stuff to prep for a sale (decluttering, staging) during stay-at-home orders, only the most motivated sellers listed.

    TWO | Interest rates remain low

    One of the first big headlines of the pandemic, when it came to real estate, was when interest rates were slashed big time. Of course, many took advantage by refinancing their home. As months passed, though, the continued low-interest rates motivated prospective buyers to enter the market and enjoy the savings.

    THREE | There’s a lot of competition if you’re a buyer

    It’s not just locals in your market. The shift to remote work means that many people can move to an area they love, not one that is convenient for a commute. Often, these are high wage earners who can afford to submit an offer above asking price — especially if they sold their home at the right time or in a pricey market.

    FOUR | Homes are selling very, very quickly

    When there are fewer listings and plenty of buyers, your dream home may be a blink-and-you’ll-miss-it opportunity. 

    For buyers, this means that you should be preapproved (not just prequalified) in order to get your offer considered. For sellers, you may have a little more leeway on things like condition and contingencies.

    FIVE | Prices have climbed

    All of the above factors have pushed prices higher in most areas. In fact, 96% of cities saw home prices rise between April and June. Markets that didn’t see the same growth were generally ones that had completely shut down during that time (like New York City).

    SIX | Folks are leaving big cities

    While most cities are experiencing the same issues of low inventory as sellers hesitate to put their homes on the market, there’s one huge exception: big cities. Part of the reason is due to the big tech companies ordering employees to work remotely during the pandemic (and perhaps indefinitely). The other contributing factor is that prices tend to be extremely high — so if you don’t have to pay the premium to live close to your workplace, why not live somewhere else? In addition, there's a very high population density, which isn’t the best thing to have in a time of social distancing. 

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    About the author

    Ken Schwartz

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    Since 2008, I have been helping clients reach their goals, and doing so in the most professional fashion possible. I graduated with a Bachelor’s Degree in Mechanical Engineering from the University of California at San Diego in 2008. After working in the field for a short time, I found my true calling in Real Estate. My ability to talk with people and problem solve made real estate a perfect fit for me. I obtained my Real Estate License in 2008 and have worked in the industry ever since. My previous experience includes Property Management and helping clients Buy or Sell their home. In 2012 I received my Real Estate Brokers license and have recently joined the team at CENTURY 21 Affiliated. When I'm not out selling homes, I love spending time with my wife and 4 french bulldogs. I also play in an adult baseball league, which helps fulfill my competitive nature. Having played baseball in high school, it is a great extension to my glory days. Thankfully San Diego has such great weather, we can play year round. My expertise in the San Diego market and the outstanding resources of CENTURY 21 Affiliated give my clients the satisfaction that I can provide them the best quality service out there. A Real Estate transaction can be a stressful time, but it doesn't have to be. We do everything we can to make it as smooth as possible, while delivering our clients the best value and helping to build their personal wealth.

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    Ken Schwartz Real Estate

    Ken Schwartz | CA DRE #01854235 | NMLS 2461429

    2020 Camino Del Rio N. Suite 800, San Diego CA 92108

    2020 Camino Del Rio N. Suite 800, San Diego CA 92108

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    858-500-2195

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