Real Estate Market Update in 2021| Andrew Oandason

by | May 6, 2021 | Real Estate Insight | 0 comments

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In today’s housing market, I share the latest real estate market update with you. 🏠

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Andrew Oandason
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Full Transcription Below:

All right.

Andrew, Let’s talk about a market update for the spring 2021.

What’s going on in the market?

What’s happening?

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.

Yeah.

Absolutely.

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.

Yeah.

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

handles it.

I’m like, what do you think it’s going to be in five years?

That’s a hard one.

I know.

I play on spot.

Andrew, Yeah.

Five years.

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.

Yeah.

Everyone’s different.

Yeah.

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.

That’s good.

I’m about to get cool.

Well, I guess that kind of concludes the market update for

Central. Right.

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