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In today’s housing market, I share the latest real estate market update with you. 🏠
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Full Transcription Below:
Andrew, Let’s talk about a market update for the spring 2021.
What’s going on in the market?
Give us an update.
Well, I think in most places, especially here in Santa Rosa,
it’s a seller’s market right now.
And so what that means is there’s more buyers in the market
than there are sellers.
You’re starting to kind of pop out more and more.
The houses that are available are getting a lot of offers.
So our home prices are they going to like I know some of
us are anticipating maybe more houses coming back on the
market, and then our price is going to change.
Are they going to go up or down, like, what’s going on?
Well, usually it’s supply and demand kicks in.
So once the house is kind of balance out, and then the prices
are going to kind of soften back.
But it’s hard to predict when that’s going to happen, because
we’ve been seeing it for quite some time now.
And when you say soften, what do you mean by that?
It’s just once buyers have more choices.
Right now, for example, for every house under 600,000 dollars,
there can be 10 to 15 buyers bidding on that house.
And so once there’s more of those type of homes available
and then the prices don’t have to be so dramatically high,
I guess our interest rates are they going to be increasing.
How does that look?
I always explain that there’s more pressure for them to go
up from where they were.
And we’ve been seeing that in the last couple of weeks.
But overall, I guess they’ve been announcing that they’re
going to leave the rates low, so people don’t get into a
panic. But at the same time, when rates are down around 3%
for a 30 year fixed, there’s more likelihood that it’s going
to go up and down Santa Rosa.
Specifically, what if you guys been seeing is like the market
has been developing this year.
There’s actually a lot of new developments happening around
town, and I think that’s going to be a positive for sure.
I think we kind of went through our surge or people that
left and maybe move out of state or relocated or retired.
So I think right now things are going to kind of play out
then that’s planning to stay and kind of see once shops and
schools have to reopen see kind of how the economy kind of
I’m like, what do you think it’s going to be in five years?
That’s a hard one.
I play on spot.
Would you buy a house?
What would you do if you’re on the fence?
Everyone’s situation is different.
So it kind of depends on where you stand.
Now, if you’re paying a high rent, you might be able to buy
something and pay about the same.
But some people have screaming deals.
When I talk to potential buyers, and they’re renting a place
for 1,200 dollars were to own that same property.
It might cost them those 500 dollars.
I tell them, are you prepared to go from one those hundred
thousand 500 for the same living situation?
And some people are doing move up sales or downsizing.
So if you have a property that may be worth closer to 800,000
dollars, I actually have a friend selling his house right
now. He bought it 30 years ago for 180,000 dollars, and now
he’s selling it for almost 800,000 dollars.
So someone like that, it kind of makes sense to sell.
And he already bought another property.
And there’s always going to be people moving around in a
different area, maybe different maintenance on the property.
If you’re coming from an acre to two acres and you’re getting
older, you don’t want to maintain all that, you want to buy
something that’s a little bit smaller to maintain.
Anything else in the market that we should be made aware
of? Buying a home to live in is completely different from
people buying homes to rent.
So usually when you’re buying a home to rent, you’re looking
for the cash flow right now in Santa Rosa.
Unless you’re putting a humongous down payment or buying
it cash, it’s going to be pretty tough to cash flow on a
rental property the same thing.
It’s always a good time to to buy real estate.
And if that’s something you’re looking for, sometimes you
have to look out of the area so you could still live in one
city and buy property in a whole other city or state, even
for an investment.
I’m about to get cool.
Well, I guess that kind of concludes the market update for
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