- calendar_month April 8, 2021
- folder Market Updates
PRICES
Prices will continue to increase. Some experts predict as much as 20% year over year increases in some areas. This means that a home in this Spring market might cost as much as 20% more than it would have last Spring market.
INVENTORY
Inventory continues to be a problem. This is the case throughout the country, not just here locally. Take a look at map below. Lack of inventory is the root cause of skyrocketing prices and bidding wars. This is a challenge for buyers as they will be competing against as many as 10-20 other buyers per home. It is an incredible opportunity for sellers to sell quickly, easily, and at top dollar.
INTEREST RATES
Interest rates will be above 3% throughout Spring and will continue to increase throughout the year. Even with this increase, rates are still historically low, making it as good a time to buy as any in recent times for buyers. See graph below.
PROP 19
Prop 19 allows homeowners who are 55 years of age or older and others who qualify to take current property tax rate to next residence. To download a quick guide for this new law click here
