COVID-19 has changed nearly all aspects of our lives, so of course it has impacted the Real Estate Market. Here in the Central Valley and across the country, we are all dealing with this new pandemic market – a market like we have never seen. Like most industries, Real Estate was forced to make a quick pivot and adapt to the new safety measures and protocols put in place to keep buyers, sellers, agents, lenders, etc… safe and healthy. Now that we have all made the adjustments and navigated our way through some of the initial uncertainty, we have seen things settle a bit and can fill you in on what’s going on with the residential real estate market today:

Buyers are eager

They see that interest rates are at historic lows and they know they can lock in a rate in the 2.5s which is significantly better than rates have ever been. First time home buyers are looking at this as an opportunity to finally make their home buying dreams a reality. Here in the Valley, we are seeing homes in that first time buyer range of the low $200s sell in mere hours after the listing is live. In addition to those types of listings, we are seeing that there are eager buyers for every type of property coming in with creative ways to make sure they land the home they want.

Inventory is low

With so many eager buyers on the prowl for a place to call home, there are simply not enough houses on the market. With the initial uncertainty of the way pandemic would impact people’s jobs and livelihoods, there were a lot of hesitant home owners who weren’t sure that now was the right time to list their home. However, more recently, we are seeing this settle a bit. We have seen people are more aware that there is an opportunity to list their home and upgrade from a starter home into a forever home, or transition from a big family home into a smaller home for empty-nesters. Sellers are seizing this unique market as an opportunity and slowly adding to our inventory, which is great. 

Offers are WILD

It is safe to say over these last six months we have seen some of the most wild offers come through and have seen truly unprecedented things happening as it relates to this phase of the process. It can be fast paced, somewhat stressful, and feel a little intense. Sellers are favored and buyers need to come prepared for an offer process full of ups and downs. 

Now more than ever, we can say with certainty, that people that are getting into the houses of their dreams or are selling for above asking, are doing it alongside a Real Estate Agent they trust and is savvy in what is happening at this moment in Real Estate. Now is not the time to work with someone who is dusting off their license or doing Real Estate part time. Things are changing daily and our agents here at Dani Blain Real Estate are in the mix and making successful offers regularly. 

We have seen that a “bid it to win it” strategy is crucial in this market and we are well poised and experienced in this new Real Estate landscape across the valley. We invite you to reach out to us and chat with one of our agents who can help you prepare to either buy or sell in today’s market. Stay tuned for our next two blogs where we will be going more into depth on what the reality of this market is for buyers and for sellers.